A legal principle in maritime law that allows a shipowner to limit the amount of their financial liability for claims arising from maritime incidents. The Convention on Limitation of Liability for Maritime Claims (LLMC) establishes the limits based on the vessel's tonnage.
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IMOThe International Maritime Organization, a specialized agency of the United Nations responsible for regulating shipping.ISM CodeThe International Safety Management Code, adopted by the IMO, which establishes an international standard for the safe management and operation of ships and for pollution prevention.ISPS CodeThe International Ship and Port Facility Security Code, a comprehensive set of measures to enhance the security of ships and port facilities developed in response to the perceived threats to ships and port facilities after the September 2001 attacks.Maritime LienA privileged claim against a vessel arising from maritime services rendered to the ship or damage caused by the ship.MARPOLThe International Convention for the Prevention of Pollution from Ships, the main international convention covering prevention of pollution of the marine environment by ships from operational or accidental causes.MLCThe Maritime Labour Convention, adopted by the International Labour Organization (ILO) in 2006, which sets out seafarers' rights to decent conditions of work across a wide range of subjects.
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