Financial caps for oil pollution damage: A historical mistake?

Michael Faure and Hui Wang

Marine Policy, 2008, vol. 32, issue 4, 592-606

Abstract: The limitation of liability (known as financial caps) of the ship owner has a long tradition in maritime law in general and in the marine oil pollution compensation regime in particular. This paper uses the economic instrument to critically analyze such a mechanism, in order to answer the question if the financial caps are indeed a historical mistake.

Keywords: Strict; liability; Limitation; of; liability; Financial; caps; Civil; Liability; Convention; (CLC); Fund; Convention; The; (IOPC); Fund; Unilateral; accident; Bilateral; accident; Deterrence; path; dependency; Interest; group (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:marpol:v:32:y:2008:i:4:p:592-606

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