LIMITATION OF SHIPOWNERS’ LIABILITY

As it is well known, a shipowner can limit his liability to those who have suffered loss or injury caused by negligent navigation or management of his ships to a sum of money calculated in relation to their tonnage. This system, based on British legislation, received widespread acceptance through the Convention on Limitation for Maritime Claims 1976, a Convention that was subsequently amended in 1996 and more recently in 2012 following a London meeting of IMO’S Legal Committee.

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