Maritime Limitation of Liability

Maritime Limitation of Liability is a legal principle that allows shipowners and operators to limit their financial responsibility for damages or losses arising from maritime incidents. Essentially, if a ship is involved in an accident causing injury or property damage, the owner can limit their liability to a predetermined amount, usually based on the ship's value. This principle aims to protect maritime businesses from excessive claims that could threaten their existence while ensuring some compensation for victims, balancing the interests of both parties within the maritime industry.