Limited
In maritime context, limited refers to a type of liability in which the shipowner's liability for any damage or loss is limited to a certain amount. This amount is usually determined by the size of the ship and is set by international conventions such as the Hague-Visby Rules or the Hamburg Rules. The purpose of limited liability is to encourage investment in the shipping industry by protecting shipowners from excessive financial risk. However, it also means that those who suffer losses or damages may not be fully compensated. In some cases, the shipowner may be able to avoid liability altogether if the damage or loss was caused by an act of God or an act of war.
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