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Financial caps for oil pollution damage: A historical mistake? |
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| Authors: | Michael Faure Hui Wang |
| Institution: | aMaastricht University, Faculty of Law, Metro, P.O. Box 616, 6200 MD Maastricht, The Netherlands;bInstitute of Environmental and Energy Law, Catholic University of Leuven, Law Faculty, Tiensestraat 41, 3000 Leuven, Belgium |
| 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 |
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