The world's biggest marine insurance organisation has condemned moves by the EU to introduce unlimited liability for insurance in cases of maritime pollution.
40 years ago this year the Torrey Canyon oil tanker disaster occurred off the coast of Britain. The incident led to the establishment of the present compensation system for pollution caused by maritime accidents.
The International Union of Marine Insurance, which covers 53 countries, discussed the proposals for a new compensation system of unlimited liability at its annual conference in Copenhagen.
The group says this will drive some ship owners out of business and, because shipping moves 95% of all global imports and exports, increase the cost of consumer products.
Insurers said they had made considerable improvements in response to disasters, but alleged that the EU were creating a compensation culture.
