Compensation
Compensation in maritime context refers to the payment made to the owner of a vessel or cargo for any loss or damage suffered as a result of a maritime incident. This can include compensation for damage to the vessel, loss of cargo, or injury or death of crew members. Compensation can be paid by the party responsible for the incident, such as another vessel or a port authority, or by insurance companies. The amount of compensation is typically determined by the extent of the damage or loss, and may be subject to negotiation or legal proceedings.
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