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Civil Liability and Financial Security for Offshore Oil and Gas Activities

Michael Faure

Law / General

3.6.1.1 Origin of the International Regime -- 3.6.1.2 First-Generation Nuclear Liability Conventions -- 3.6.1.3 Second-Generation Nuclear Liability Conventions -- 3.6.2 The Compensation System for Nuclear Damage in the United States -- 3.6.2.1 Liability for Nuclear Damage -- 3.6.2.2 The Requirement of Financial Protection -- 3.6.2.3 Compensation under the Convention on Supplementary Compensation -- 3.6.3 Critical Comparison -- 3.7 Concluding Observations -- 4 Pooling Mechanisms for Offshore Liability -- 4.1 Theory: Pooling versus Insurance -- 4.2 OPOL -- 4.2.1 Origins of OPOL -- 4.2.2 Main Features -- 4.2.3 Rules and Membership -- 4.2.4 Financial Responsibility -- 4.2.5 Claims Handling -- 4.2.6 Enforcement -- 4.2.7 Practice -- 4.2.8 Evaluation -- 4.3 OIL and OCIL -- 4.3.1 OIL -- 4.3.2 OCIL -- 4.4 Protection and Indemnity Clubs -- 4.4.1 Origins -- 4.4.2 Coverage -- 4.4.3 Entry and Premiums -- 4.4.4 Available Amount -- 4.5 Risk Pooling in the Nuclear Sector -- 4.5.1 Risk Pooling in the Price-Anderson Act -- 4.5.1.1 A Second Tier of Compensation -- 4.5.1.2 ... Collectively Financed Through Retrospective Premiums -- 4.5.2 The Mutual Pool for Property Damage in the United States -- 4.5.3 Mutual Nuclear Pools in Europe -- 4.5.4 Nuclear Liability and Pooling System in Germany -- 4.5.5 Towards a European Pool for Nuclear Liability? -- 4.6 Concluding Observations -- 4.6.1 Advantages of Pooling -- 4.6.2 OPOL -- 4.6.3 P & I Clubs -- 4.6.4 Risk Sharing for Vessel-Based Pollution -- 4.6.5 Summary -- 5 The Use of Financial Market Instruments to Cover Liability Following a Major Offshore Accident -- 5.1 Self-Insurance -- 5.1.1 Theory -- 5.1.2 Practice -- 5.1.3 Analysis -- 5.2 Capital Market -- 5.2.1 Theory -- 5.2.2 Practice -- 5.2.3 Analysis -- 5.3 Guarantees -- 5.3.1 Theory -- 5.3.2 Practice -- 5.3.3 Analysis -- 5.4 (Re- )Insurance -- 5.4.1 Theory -- 5.4.2 Practice
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