Oil spill cover from the protection-and-indemnity (P&I) clubs is currently limited to $1bn, which is felt to be more than adequate to cover shipowners full Civil Liability Convention and Supplementary Fund exposures for even the largest tanker spills, while also meeting US Oil Pollution Act limits.
International Group chief executive Andrew Bardot agrees the $1bn limit has not been increased for many years but says this is not a reason to raise the amount.
