13. Maritime Limitation of Liability

Maritime limitation of liability refers to a legal principle that allows shipowners to limit their financial responsibility for certain maritime claims, such as damages caused by accidents at sea. Instead of being liable for the full extent of damages, they can limit their liability to a specific amount, often based on the ship's tonnage. This principle aims to encourage investment in shipping by reducing the financial risks for owners. It also impacts how claims are handled and resolved in maritime law, ensuring that victims may receive compensation while balancing the shipowner's exposure to potentially crippling liabilities.