Limited Liability
Limited liability is a legal concept that protects the owners and shareholders of a company from being held personally liable for the debts and obligations of the company. In the maritime context, limited liability is particularly relevant to shipowners, who may limit their liability for claims arising from incidents such as collisions, pollution, and cargo damage. This is achieved through various international conventions, such as the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea (HNS Convention) and the International Convention on Civil Liability for Oil Pollution Damage (CLC Convention). The purpose of limited liability is to encourage investment in the shipping industry by reducing the financial risk for shipowners.
Your Previous Searches
Random Picks
- Umbrella: An umbrella in maritime context refers to a type of device that is used to protect a ship from the effects of nuclear, biological, or chemical (NBC) weapons. It is a large, dome-shaped structure that is placed over the ship and is designed ... Read More >>
- Ullage Opening: Ullage opening refers to the opening on the top of a liquid cargo tank that is used to measure the level of liquid inside the tank. It is also used to take samples of the liquid for testing and analysis. The ullage opening is typically seal ... Read More >>
- Centrifugal Pumps: Centrifugal pumps are a type of dynamic pump that uses a rotating impeller to increase the pressure and flow rate of a fluid. The impeller rotates within a casing, creating a centrifugal force that moves the fluid towards the outer edge of ... Read More >>
Top News
SEAL Team 6 is said to be training for a fight with China over Taiwan. Here's wh...
The role of the elite unit may be limited but not inconsequential. "You don't use a scalpel for a job a hammer can do," a former SEAL said....
News Source: Business Insider on 2024-10-19
The last in-person vote in the US will be cast on the desolate tundra of Alaska'...
On a desolate slab of island tundra on Alaska's Aleutian Islands, a resident of a tiny village called Adak will again become the last American to cast an in-person ballot for president...
News Source: ABC News on 2024-10-19
A historically Black community grapples with lasting impacts after Baltimore bri...
As the dust settled after the deadly collapse of Baltimore’s Francis Scott Key Bridge, residents of Turner Station found themselves facing an uncertain future....
News Source: NBC News on 2024-10-18
These are the biggest challenges facing the US Army in the Pacific, according to...
Soldiers face daunting challenges in navigating the vastness of the Indo-Pacific, where a future war could take place across a range of environments....
News Source: Business Insider on 2024-10-18
Teen kayaker rescued after spending 12 hours treading water and clinging to his ...
A 17-year-old kayaker spent nearly 12 hours treading water and clinging to his kayak Wednesday after becoming separated from his high school paddling group, the U.S....
News Source: NBC News on 2024-10-18