USCG Final Rule on CPI increases to OPA 90 limits
On 23 December 2022, the US Coast Guard issued a Final Rule in the Federal Register to adjust the limits of liability for vessels, deep-water ports and onshore facilities under its Oil Pollution Act of 1990 (OPA 90), as amended, to reflect the increase in the Consumer Price Index (CPI) since they were last adjusted in 2019.
These regulatory inflation increases to the limits of liability are required by OPA 90 and are necessary to preserve the deterrent effect and "polluter pays" principle embodied in the Act. The new CPI adjusted limits are to be found in Section IV of the Rule. Please click here.
The Final Rule is effective on 23 March 2023.
If Members have any questions on OPA 90 generally or on this Final Rule, your usual contact at the Club would be pleased to assist you.