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Friday, March 23, 2018

Meeting of INTERTANKO’s Executive Committee

INTERTANKO’s Executive Committee met on 23 and 24 January 2003 to discuss what actions should be taken next in the wake of the Prestige accident and the regulatory fallout from Europe and its Member States. The Executive Committee suggested a list of guiding principles on which INTERTANKO should now focus its efforts, including the importance of adherence to international law, the necessity for a rigorous casualty investigation following any such incident, and an analysis and understanding of the impacts of any legislation imposed in the wake of such an incident.

The Executive Committee also approved INTERTANKO’s extensive Work Programme for 2003. Among other items on the agenda the Committee noted with satisfaction that the International Group had proposed to increase the level of war cover to USD 400 million bringing the cover available closer to the potential liabilities owners could face in the event of a terrorist attack. The Committee also discussed developments in the IOPC Fund and encouraged the administration to take an active role in defending the key elements of the existing Civil Liability Convention. Additionally, the Committee suggested that INTERTANKO conduct a study to identify the impacts of unlimited liability on the industry, particularly in the wake of several proposals put forward on this issue in Europe following the Prestige incident.

Contact: Tim Wilkins