Convention on the Limitation of Liability for Maritime Claims (LLMC)

The Convention on the Limitation of Liability for Maritime Claims (LLMC) is an international agreement that sets limits on the amount of financial liability a shipowner or operator faces for certain maritime claims, such as accidents, damage, or pollution. Its purpose is to balance fair compensation for victims with preventing excessive liability that could harm maritime trade. By establishing these limits, the convention provides certainty and stability for maritime businesses and insurance providers, encouraging safe and efficient shipping while ensuring claims are manageable within defined boundaries.