The purpose of this book is to present the Historical overview on Limitation of Liability; The 1976 Limitation Convention as amended by the 1996 Protocol; The CMI Guidelines 2008 and the European Union Legislation (DIRECTIVE 2009/20/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 April 2009 on the insurance of shipowners for maritime claims) in this context. The book explains the existing provisions of the Bulgarian Merchant Shipping Code in relation to Limitation of liability and the Law for ratification of the International Convention on Limitation of Liability for Maritime Claims (LLMC, 1976) as amended by the Protocol of 1996.