CRISTAL
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Founded
1971
History
1971, as a temporary measure, when registered as a company in Bermuda, with the title Oil Companies Institute for Marine Pollution Compensation Limited, to administer the 'Contract Regarding an Interim Supplement to Tanker Liability for Oil Pollution', currently 'Contract Regarding an Interim Supplement to Tanker Liability for Oil Pollution (CRISTAL)'. This Contract, which came into force on 1 Apr 1971, and subsequently amended with effect from 20 Feb 1987 and from 20 Feb 1994, provides for compensation on a world-wide voluntary basis for oil pollution caused by tankers supplemental to that provided by tanker owners to the limits stated in the Supplement to H-XT6990 - Tanker owners voluntary agreement concerning liability for oil pollution (TOVALOP). CRISTAL compensation was only available if the oil involved in the incident is owned at the time of the incident by a Company which is a party to CRISTAL. TOVALOP and CRISTAL ceased activities following the taking over of responsibility for compensation by F-XF7953 - International Oil Pollution Compensation Funds (IOPC Funds), 20 Feb 1997, under the terms of T-XT9604 - Convention Internationale sur la Responsabilité et L'indemnisation pour les Dommages Liés au Transport par Mer de Substances Nocives et Potentiellement Dangereuses (Convention SNPD).
Aims
Provide compensation supplemental to that provided by shipowners for marine pollution claims.
Structure
Annual General Meeting of shareholders; Board of Directors (meeting normally twice a year); Committees.
Finance
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Available with paid subscription only.UN Sustainable Development Goals **
UIA Org ID
XF0315
Last News
2004
** UN SDGs are linked to the subject classification.
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