LOL has various meanings in the Business category. Discover the full forms, definitions, and usage contexts of LOL in Business.
The limiting of the amount that can be claimed from a shipowner for loss of goods and/or life when due to a casualty to ship that was not due to fault or privity of shipowner Amount is limited to 15 per ton for loss of life and goods, 8 per ton if no loss of life Tonnage is based on registered tonnage plus engine–room space. Liability of a British pilotage authority for damage done through fault or default of a licensed pilot is limited to 100 multiplied by the number of pilots holding licences from the authority
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