|Financial caps for oil pollution damage: A historical mistake?|
In: Marine Policy. Pergamon: Guildford. ISSN 0308-597X; e-ISSN 1872-9460
strict liability; limitation of liability; financial caps; Civil
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The limitation of liability (known as financial caps) of the ship owner has a long tradition in maritime law in general and in the marine oil pollution compensation regime in particular. This paper uses the economic instrument to critically analyze such a mechanism, in order to answer the question if the financial caps are indeed a historical mistake.