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Financial responsibility rules under the Oil Pollution Act of 1990

Title
Financial responsibility rules under the Oil Pollution Act of 1990
Authors
Kim I.
Ewha Authors
김인호
SCOPUS Author ID
김인호scopus
Issue Date
2002
Journal Title
Natural Resources Journal
ISSN
0028-0739JCR Link
Citation
vol. 42, no. 3, pp. 565 - 598
Indexed
SSCI; SCOPUS scopus
Abstract
The potentially unlimited liability associated with vessel ownership under the Oil Pollution Act of 1990 has led to avoidance behaviors from the shipping industry, such as the restructuring of corporations to evade liability. To generate an incentive for sound risk management in the shipping sector, financial responsibility should be properly enforced. Protection and Indemnity Clubs, which have traditionally provided financial guaranties, now refuse to provide such safeguards to avoid liability under the Act. The magnitude of oil movements in U.S. waters has created alternative commercial guarantors without any serious adverse impact on U.S. oil imports. It remains to be seen how the U.S. marine insurance market can be restructured without unnecessary duplication in insurance coverage and premiums.
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법학전문대학원 > 법학과 > Journal papers
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