Lawyers Joe Hurley and Ryan Hunter of HWL Ebsworth, write:
Like the drunken sailor, a good mariner must know his limits. And the same is true at law. Ordinarily in Australian law, parties are free to agree their own limits in their contracts, and liability outside of contracts can be as great as the damage suffered.
However, in maritime law, the position changes thanks to Australia’s adoption of international treaties and...
https://shippingaustralia.com.au/whats-your-limit-limitation-of-liability-in-shipping/