The International Convention on Civil Liability for Oil Pollution Damage, 1992, often referred to as CLC, is a maritime treaty. The convention was adopted "to ensure that adequate compensation is available to persons who suffer oil pollution damage resulting from maritime casualties involving oil-carrying ships." In cases when the shipowner is deemed guilty of fault for an instance of oil pollution, the convention does not cap liability. When the shipowner is not personally at fault for an incident, the convention caps civil liability at between 3 million special drawing rights

Special Drawing Rights

Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund . Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged...

 (SDR) for a ship of to 59.7 million SDR for ships over . These limits translate to around US$3.8 million to US$76.5 million, although SDR exchange rates fluctuate daily. CLC requires seagoing ships carrying bulk oil to maintain "insurance or other financial security" sufficient to cover the maximum liability for one oil spill. , the Bolivian, North Korean, Honduran, Lebanese, and, Mongolian flags of convenience have not ratified the CLC treaty.