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.

Your Previous Searches

Random Picks

Cyclodial Propulsion System: Cyclodial propulsion system is a type of marine propulsion system that uses a circular motion to generate thrust. The system consists of a circular duct that surrounds the propeller and rotates around it. The duct has a series of curved bla ... Read More >>
Lifeboat: A lifeboat is a small, rigid or inflatable boat carried on board a ship, which is used to evacuate the ship's crew or passengers in case of an emergency, such as a fire, sinking, or grounding. Lifeboats are designed to be self-righting and ... Read More >>
Fast Ice: Fast ice is sea ice that is fastened to the shore, a grounded ice sheet, icebergs, or other fixed objects. It is attached to the coastline and does not move with the ocean currents. Fast ice can be several meters thick and can form a stable ... Read More >>

Compensation

Your Previous Searches

Random Picks

Top News

They’ve sailed across Southeast Asia for centuries. Now, these sea nomads are ...

Exclusive: Arcade, visual storytelling platform, raises $14 million Series A led...

Adani Group shares plunge by double digits after U.S. accuses Indian billionaire...

Southeast Asian defense chiefs discuss regional security with US, China and othe...

US ‘Secret War’ remembered as Secretary of Defense Lloyd Austin visits Laos...