MGN 508 (M): Oil Pollution : Liability and Compulsory Insurance (link)
The 1992 Civil Liability Convention applies to sea-going ships carrying persistent oil in bulk as cargo. Under the Convention, Shipowners are strictly liable (that is they are liable without the need for proof or fault) for oil pollution damage and owners of ships carrying more than 2,000 tons of persistent oil in bulk are required to maintain insurance or other financial security to cover their liability.
As well as reminding shipoweners of their responsibilities for maintaining compulsory insurance, this Marine Guidance Note informs shipowners of revisions to the limits of liability under the 1992 Civil Liability Convention.
Source: MCA