Convention on Limitation of Liability for Maritime Claims

The Convention on Limitation of Liability for Maritime Claims is an international agreement that limits the amount of money a ship owner or operator can be required to pay if they are held responsible for maritime accidents, such as oil spills, collisions, or personal injuries. It aims to strike a balance between protecting victims and ensuring the maritime industry remains financially viable. The limits are calculated based on the ship’s tonnage, providing a predictable framework for liability, thus encouraging safe shipping practices while preventing excessive claims from bankrupting shipowners.