ABSTRACT
Chapter 12 provides a comprehensive review of issues affecting many different types of claims for economic loss that have commonly been made after oil spills, notably in the fishing and tourism sectors but also by various other parties seeking compensation for loss of profits or earnings. The chapter begins with a review of conventional jurisprudence in different systems of law to control the extent of liability for economic loss, such as by restricting recovery of pure economic loss or of loss that is not sufficiently direct or certain. The problem is addressed of meeting the needs of society when many financial losses resulting from oil spills are in the nature of pure economic loss, and judicial precedents are examined which have enabled such loss to be recovered under compensation regimes on certain conditions. An account is given of the admissibility criteria which have been developed by the IOPC Funds in relation to claims for economic loss, including a detailed study of how these criteria have been applied to numerous different types of claim.
