Admiralty Liability

Definition of 'Admiralty Liability'


A risk, event or conduct that would run afoul of admiralty (maritime) laws, thereby putting the matter under the jurisdiction of an admiralty court. Most notably, matters subject to admiralty law do not require trial by jury.

Investopedia explains 'Admiralty Liability'


Admiralty law is quite complex, and does not necessarily coincide with U.S. law, thereby creating many jurisdictional issues. Common law precedents (such as fair and equitable settlement) do not necessarily apply. Originally developed to encourage shipping commerce, admiralty law has only very recently recognized the rights of crewmen. In the U.S., this was accomplished through the Jones Act, which gives crewmen the right to trial by jury in negligence cases, for example.



comments powered by Disqus
Hot Definitions
  1. Gross Debt Service Ratio - GDS

    A debt service measure that financial lenders use as a rule of thumb to give a preliminary assessment about whether a potential borrower is already in too much debt. Receiving a ratio of less than 30% means that the potential borrower has an acceptable level of debt.
  2. Federal Reserve Note

    The most accurate term used to describe the paper currency (dollar bills) circulated in the United States. These Federal Reserve Notes are printed by the U.S. Treasury at the instruction of the Federal Reserve member banks, who also act as the clearinghouse for local banks that need to increase or reduce their supply of cash on hand.
  3. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  4. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  5. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  6. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
Trading Center