Ipieca and IOGP are pleased to publish an update to the Economic assessment and compensation for marine oil releases: good practice guidelines for incident management and emergency response personnel.
A release of oil has the potential to affect property and impair commercial activity, resulting in economic loss. This document considers the effects of oil on the fisheries and tourism sectors, as well as other commercial activities.
The sources of money that may be available to compensate for such damages are identified, and the latest legislation and compensation schemes that enable payments are explained.
The document also outlines the methods by which the various types of economic damage can be quantified and calculated under the schemes, and the procedures necessary for submitting claims for losses.
20 October 2022
