[Code of Federal Regulations]
[Title 43, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR29.2]

[Page 468-469]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
PART 29--TRANS-ALASKA PIPELINE LIABILITY FUND--Table of Contents
 
Sec. 29.2  Creation of the Fund.

    (a) The Trans-Alaska Pipeline Liability Fund (Fund) was created by 
the Act as a non-profit corporation to be administered by the holders of 
the Trans-Alaska Pipeline right-of-way under

[[Page 469]]

regulations prescribed by the Secretary. The vessel Owner and Operator 
are strickly liable for the first $14 million of claims for any one 
incident. The vessel Owner and Operator remain liable for claims over 
that amount whenever the damages involved were caused by the 
unseaworthiness of the vessel or by negligence and should the Fund pay 
any claims under those circumstances, the Fund retains the right of 
subrogation. The Fund's maximum liability for any one incident is the 
amount of the claims over $14 million but not to exceed $100 million.
    (b) The Fund shall be subject to, and shall take all steps necessary 
to carry out its responsibilities under, the Act and these implementing 
regulations.
    (c) The right to repeal, alter, or amend these regulations is 
expressly reserved.