The Torey Canyon oil spill of 1967 was a significant catalyst for positive change within the industry, says Colin Williams, Chairman, Pollution Subcommittee of the IGP&I.
In its annual review 2016/2017, IGP&I reports that in the last 50 years improved safety and navigation, ship construction, training and risk reduction have successfully and dramatically reduced the number and volume of oil spills.
According to Williams, the collaborative approaches that the industry experienced, particularly within the IMO, led to a comprehensive regulatory framework that improved prevention by making navigation, ship construction, training and risk reduction better.
Awareness of the damage and risk of oil spills and advanced technology alongside practical experience has also led to better preparedness and response. Liability and compensation regimes have resulted in a robust system of compensation and liability with appropriate funding mechanisms to finance an immediate and efficient response and compensation to those affected, according to Williams.
The IGP&I report also addresses the financial security of seafarers as well as autonomous ships, piracy, and the large casualty outreach programme. Jonathan Hare Chairman, Compulsory Insurance Subcommittee, says that amendments to the Maritime Labour Convention on January 18 2017 means that shipowners will have to compensate seafarers for death or long-term disabilities and pay outstanding wages and repatriation costs following abandonment.
Andrew Bardot Executive Officer believes that in terms of autonomous ships, new insurance challenges will be created and this may have a silver lining for marine insurers. However, this may be at the expense of the product liability markets, which are likely to become increasingly engaged as the process moves forward.
The IGP&I 2016/2017 report can be viewed here.
Fathom-News
editor@fathom-mi.com
