Limitation of Liability in Panama

Panama regulates this issue in Law 8 of 1982 (Maritime Procedural Code) and Law 55 of 2008 (Commercial Code).

It is a signatory to the 1976 LLMC Convention, but not to the 1996 Protocol, which makes Panama a competitive forum for maintaining lower limits.

Shipowners (owners, charterers, managers, or operators) have six months from the first written claim to request limitation of liability. Once the case is opened, creditors have between 30 and 60 days to file their claims.