The International Maritime Organization states, “The Convention will make it possible for up to 250 million SDR (about US$320 million) to be paid out in compensation to victims of accidents involving HNS, such as chemicals.
…it covers not only pollution damage but also the risks of fire and explosion, including loss of life or personal injury as well as loss of or damage to property.”
It was adopted on 3 May 1996. It will enter into force "18 months after the following conditions have been fulfilled:
--12 States have accepted the Convention, four of which have not less than two million units of gross tonnage
--Provided that persons in these States who would be responsible to pay contributions to the general account have received a total quantity of at least 40 million tonnes of contributing cargo in the preceding calendar year."
The status of the convention may be viewed here.