IMO Convention on Limitation of Liability for Maritime Claims

The IMO Convention on Limitation of Liability for Maritime Claims is an international agreement that allows shipowners to limit their financial liability for certain maritime incidents, such as accidents or damages caused by their ships. This means that if a ship is involved in an accident, the total amount that the owner can be held responsible for is capped, which helps protect them from potentially ruinous claims. The convention aims to balance the interests of shipowners and those affected by maritime incidents, ensuring that compensation is available while also allowing for a sustainable shipping industry.