Nautical Term: IOPC
Definition of IOPC
The International Oil Pollution Compensation (IOPC) Fund is an international body established to provide compensation for oil pollution damage caused by tankers, in accordance with the International Convention on Civil Liability for Oil Pollution Damage, 1992.
For example, in the aftermath of an oil spill from a tanker, the IOPC Fund would provide compensation to the victims of the oil spill for the damages they have suffered, such as loss of income, damage to property, and harm to human health.
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