Reducing Our Clients' Exposure to Damages from Marine Disasters
Towboats push barges through the Eads Bridge in the St. Louis harbor everyday, but on April 4, 1998, the tow of the Motor Vessel Anne Holly hit the bridge, broke loose, and struck the S.S. Admiral, a floating casino. The casino owner, customers in the casino, and barge interests claimed multi-million dollars in damages. Goldstein and Price, L.C. successfully petitioned to limit the liability of our client, the towboat owner, to a fraction of the claimed loss, under the Limitation of Liability Act, 46 U.S.C. Section 30505, formerly 46 U.S.C. App. Section 181, et seq.
The maritime doctrine of limitation of liability offers a vessel owner or operator, under certain circumstances, the potential to limit its liability for catastrophic damages resulting from a marine accident. Accordingly, limitation of liability is of tremendous importance to companies involved in maritime commerce and the people who insure them.
In the past fifteen years, roughly ten petitions to limit liability have been granted in U.S. Courts. We have represented the successful petitioners in two of these cases. We know of no other law firm that has had similar success regarding limitation of liability. See In re in the Matter of the Complaints of the American Milling Company, 409 F.3d 1005 (8th Cir.(Mo.)2005); In re Missouri Barge Line, Inc., 360 F.3d 885 (8th Cir.(Mo.)2004).
Our knowledge of and experience with limitation of liability is one of the reasons why Goldstein and Price, L.C. is especially well-suited to represent companies involved in maritime disasters and other maritime law matters.
