Marine Liability Act

Marginal note:Claimants entitled to interest

• 116 (1) Interest accrues on a claim under this Part against an owner of a ship, the owner’s guarantor, the Ship-source Oil Pollution Fund, the International Fund or the Supplementary Fund at the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act as are in effect from time to time.

• Marginal note:Time from which interest accrues

  (2) Interest accrues on a claim under this Part

  • (a) if the claim is based on paragraph 77(1)(a) or on Article III of the Civil Liability Convention or Article 3 of the Bunkers Convention, from the day on which the oil pollution damage occurs;

  • (b) if the claim is based on section 51 or 71 or paragraph 77(1)(b) or (c), or on Article III of the Civil Liability Convention or Article 3 of the Bunkers Convention as they pertain to preventive measures,

    • (i) in the case of costs and expenses, from the day on which they are incurred, or

    • (ii) in the case of loss or damage, from the day on which the loss or damage occurs; or

  • (c) if the claim is based on section 107, from the time when the loss of income occurs.