What is the law of limitation of liability?

The law of limitation of liability is a law primarily dealing with maritime law in Minnesota. It states that in the event of an accident, damage, or loss that is caused by a vessel or merchant, the amount of liability is limited to the value of the vessel, any freight, or cargo that was involved in the incident. This law exists to protect shipowners and merchants from liability exceeding the value of the vessel, freight, and cargo. Any claims above that amount must be seen in a court of law. This means that the owner or merchant of the vessel can be held liable for any harm or loss that took place on or in connection with the vessel, but the liability is limited by the value of the vessel. In Minnesota, the law of limitation of liability also applies to any deaths caused due to activities aboard a vessel, and the compensation can not exceed the value of the vessel. This law is intended to ensure that ship owners and merchants are able to adequately cover any necessary damages or losses, while still protecting their own financial interests. The law of limitation of liability is an important part of maritime law in Minnesota. It serves the purpose of ensuring that losses are adequately covered while also protecting the financial interests of the vessel owner or merchant from excessive liability.

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What is the law of limitation of liability?

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