Turkey

Limitation of liability - update

Members are advised to take note of the attached circular from correspondents Omur Marine Ltd., which explains that under the Turkish Commercial Code (the "TCC") it is now possible to limit liability pursuant to the provisions of the Convention on Limitation of Liability for Maritime Claims of 1976 (the "LLMC") as amended by the 1996 Protocol.

While the adoption of the LLMC as amended by the 1996 Protocol does mean higher limits will now apply in Turkey, the terms of the LLMC itself are well known and it is not easy to break the limits under the rules of the Convention. Hence this development does assist in creating legal certainty for future claims in Turkey where limitation of liability may be an issue.

For further queries, members are asked to contact the Association: lossprevention@skuld.com