Jay Hamad, left, and Dean Aronin, right, of Kennedys Law. Courtesy photos Small Passenger Vessel Liability Fairness Act Has No Retroactive Application to Previous Maritime Incidents
President Biden's recently signed Small Passenger Vessel Liability Fairness Act states that the LOLA does not apply to "small passenger vessels." The new act does not apply retroactively to small passenger shipowners that have a pending limitation proceeding in federal court that pre-dates Dec. 23, 2022.
May 30, 2024 at 10:21 AM
5 minute read
The Limitation of Liability Act of 1851 (LOLA) 46 U.S.C. Section 30501 et seq., also known as the Limitation Act or the Shipowner's Limitation of Liability Act of 1851, is a statute that permits an owner of a vessel to seek to have his or her exposure be limited to the value of the vessel and freight earned at the end of the voyage for damage claims arising from a maritime casualty. The act was passed in 1851 to promote ongoing maritime activities by protecting vessel owners with liability in excess of the value of the vessel.
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