This second market briefing in a series of JMCC webinars regarding maritime issues. This event will focus on limitation in maritime casualties for USA.

Description

A distinctive feature of maritime law is the privilege accorded to a shipowner and certain other persons (such as charterers in some instances) to limit the amount of their liability, under certain circumstances, in respect of tort and some contract claims. When faced with a maritime casualty, insurers will seek to assess the financial impact of the incident and whether their client is afforded the benefits of limiting liability, or not. Or indeed if some parties are unable to recoup all of their losses due the the particular limitation statute or convention in place.

With regards to United States Maritime Law; the Limitation of Liability Act of 1851 states that the owner of a vessel may limit damage claims to the value of the vessel at the end of the voyage plus “pending freight” as long as the owner can prove any negligence by the vessel was outside the owner’s “privity or knowledge”. However with the value of maritime claims in the USA ever increasing; insurers are sometimes left wondering if filing for limitation is achieving the desired outcome.

At this JMCC market briefing, Pat McShane of Frilot LLC, New Orleans, will navigate the audience through the complexities of maritime limitation in the USA.

Speaker

• Patrick J. McShane, Senior Member, Frilot LLC