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Maritime law allows shipowners to limit their liability to the post-casualty value of the vessel and its cargo, regardless of the extent of damages or injuries.
This principle of limitation of liability has long been part of maritime law, dating back to before the modern corporation and insurance industry.
The rationale is to encourage investment and competitiveness in the shipping industry by protecting owners from unlimited liability.
However, owners cannot limit liability if the incident was due to their own "privity or knowledge" of negligence or unseaworthiness.
The limitation of liability is internationally recognized through conventions like the 1957 Brussels Convention, which requires owners to establish a single limitation fund that all claimants are paid from.
So in summary, yes, maritime law internationally recognizes the ability of shipowners to limit their liability to the value of the vessel and cargo, with some exceptions. This is a longstanding principle in this area of law.
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https://www.perplexity.ai/search/Mar...Q_.i7fX.F6c2Ig
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White Christian Nationalism:
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Last edited by Rajoo; 04-06-2024 at 01:01 PM.
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