Third-party Liabilities
Third-party liabilities refer to the legal obligations and financial responsibilities that a shipowner or operator may have towards individuals or entities outside of their own organization. These liabilities can arise from a variety of situations, such as collisions with other vessels, damage to port facilities, pollution incidents, or injuries to crew members or passengers. In the maritime industry, third-party liabilities are typically covered by insurance policies, such as Protection and Indemnity (P&I) insurance, which provide compensation for any damages or losses incurred by third parties. Failure to adequately address third-party liabilities can result in significant financial and reputational damage for shipowners and operators.
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