The Convention on the Liability of Operators of Nuclear Ships sets out a series of regulations regarding cases where an operator is liable for nuclear damage caused at sea. If an operator of a nuclear-powered ship is found to be liable, as opposed to the civil operator of the on-shore nuclear facility that produced the material, the convention applies and the operator is consequently liable to pay for the nuclear damage caused. Such an event can occur when an operator of a nuclear-powered ship releases radioactive products, waste, or fuel from a vessel under his command. In order to ensure that an operator is able to compensate claimants, they are required to hold an insurance policy. Moreover, they are liable to pay compensation until up to ten years after the incident occurred. Although the liability limit is set in the convention to no more than 1500 million francs, it is tied to a gold standard and may be converted into other currencies. Despite the convention being negotiated as early 1962 it has yet to successfully enter force due to the lack of sufficient ratifications from involved State Parties.