What are the IOPC Funds ?
The International Oil Pollution Compensation Funds are two intergovernmental organisations (the 1992 Fund and the Supplementary Fund) which provide compensation for oil pollution damage resulting from spills of persistent oil from tankers.
The International Oil Pollution Compensation Funds (IOPC Funds) are part of an international liability and compensation regime for oil spills from tankers.
There are currently three IOPC Funds : the 1971 Fund, the 1992 Fund and the Supplementary Fund. The three intergovernmental organisations were not established at the same time (1978, 1996 and 2005 respectively) and have different compensation limits and Member States.
The Supplementary Fund was set up to provide an additional third tier of compensation to the compensation available under the 1992 Civil Liability Convention and the 1992 Fund Convention.
The three organisations have a joint Secretariat, based in London. The IOPC Funds are financed by contributions levied on certain types of oil transported by sea. These contributions are paid by the entities that receive the oil because of its carriage by sea.