The Merchant Shipping (Liability of Shipowners and Others) (Rate Of Interest) Order 1999

• Citation: S.I. 1999/1922
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1999 and shall come into force on 1st September 1999.

(2) In this Order “the prescribed rate” means one per cent more than the base rate quoted from time to time by the Committee of London Clearing Bankers or, where there is for the time being more than one such rate, the lowest of them.

Section 2 Revocation

The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1998 is hereby revoked.

Section 3 Rate of Interest

The rate of interest for the purposes of article 11(1) of the Convention of Limitation of Liability for Maritime Claims 1976 shall be:–

(a) where the occurrence takes place before 1st September 1999 but the fund is constituted on or after that date:

(i) 12 per cent from the date of the occurrence until 31st December 1994,

(ii) 6.75 per cent on and after 1st January 1995 until 31st August 1998,

(iii) 8.5 per cent on and after 1st September 1998 until 31st August 1999, and

(iv) the prescribed rate on and after 1st September 1999, or

(b) where the occurrence takes place on or after 1st September 1999, the prescribed rate.