Answer
Owner’s Liability is exh.uasted means P&l Club limits have reached.
Limit of P& I club I.G. group : 100 mill
Re-Insurance : 2.1 bill (additional 1 bn for oil pollution)
Overspill call Insurance : 1 bn
After this : Overspill call collected from the entire group of P&l clubs, in turn from all the members
"Owner's liability exhausted" refers to a situation where the owner of a vessel or equipment has fulfilled their legal and financial obligations in relation to a particular Incident or claim, and therefore cannot be held liable for any further damages or expenses.
This can include situations such as:
- The owner has paid the maximum amount of Insurance coverage for a claim.
- The owner has settled a claim or lawsuit and has received a release from further liability.
- The owner has fulfilled all necessary repairs or maintenance to ensure the vessel or equipment is seaworthy and safe to operate.
- The owner has complied with all relevant regulations and laws, and has taken reasonable care to prevent an Incident or claim.
In such cases, the owner's liability is considered "exha.ousted", meaning they have done everything reasonably possible to mitig ate their liability and cannot be held responsible for any additional costs or damages.