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Showing posts from October, 2010

Thriving in time of uncertainties: lessons for my children!

When considering what the future holds, one must believe in the capability of now. It is important to appreciate one's ability to adapt and the conviction in human spirit to triumph in the face of unbelievable trials. Charles Darwin once said, it is not the strongest of the species that survives, nor the most intelligent; it is the one that is the most adaptable to change. Our ability to adapt to ever-changing events of now and the near future prepares us to survive in the tough journey and terrain of life.
Our investments in the now, prepares us to face the uncertainties of the future. The hardest thing to deal with in life is not knowing what the future holds. However, not knowing occasionally makes us try harder to be prepared for the unknowns of the future. As frightening as not knowing what the future holds, one must always remain upbeat and optimistic. That is why investments in the now, is just as important as facing the uncertainties of the future. For the past two years, …

Is the Limitation Liability Act still Applicable in the year 2010?

The Limitation Liability Act was introduced in congress on March 3, 1851. There has been three amendments since then: 1) 1935 Amendment fixed the total liability of owner of a sea going vessel for loss of life and injuries at less than sixty dollars per ton of vessel operated by the owner, when in an accident; 2) 1936 Amendment generally provided that when owner’s limited liability insurance is insufficient to pay losses in full and the portion of applicable payment for loss of life or injury is less than sixty dollars per ton, such portion would be bumped up to sixty dollars, if either the master, superintendent, managing agent or the owner of the seagoing vessel has a privy knowledge of the cause of the accident or issues leading to the accident; 3) 1984 Amendment increased the monetary penalty to $420 per tons of the vessel operated by a managing agent, superintendent, master or owner. The outdated Act and amendments would not have been mentioned, except for the huge disaster at t…