6/7/2020 E-Library - Information At Your Fingertips: Printer Friendly it follows that the limited liability rule does not apply as well. One final note. Petitioner's claim that the limited liability rule and its corresponding exception (i.e., where the vessel is insured) apply here is irrelevant because petitioner was not found liable under tort or quasi-delict. Moreover, the insurance proceeds contemplated under the exception in the case of a lost vessel are the insurance over the vessel and pending freightage for the particular voyage.[76] It is not the insurance in favor of the seafarers, the proceeds of which are intended for their beneficiaries. Thus, if ever petitioner is liable for the value of the insurance proceeds under tort or quasi-delict, it would be from the Marine Insurance Policy over the vessel and not from the Personal Accident Policies over the seafarers. WHEREFORE, the petition is PARTLY GRANTED. The CA Decision dated October 4, 2007 and the Resolution dated January 11, 2008 of the Court of Appeals are AFFIRMED WITH THE FOLLOWING MODIFICATIONS: (1) The death benefits are limited to the amount granted under the Release of All Rights and Full Satisfaction of Claim dated December 14, 2007 executed between respondents and Top Ever Marine Management Company Ltd., Top Ever Marine Management Philippine Corporation, and Captain Oscar Orbeta; (2) As a solidary co-debtor, petitioner's liability to respondents under the POEA-SEC is also extinguished by virtue of the Release of All Rights and Full Satisfaction of Claim dated December 14, 2007; and (3) The last paragraph of the dispositive portion of the CA Decision dated October 4, 2007 stating: "Nevertheless, upon payment of said proceeds to said widows by respondent SOUTH SEA SURETY & INSURANCE CO., INC., respondent PHIL-NIPPON CORPORATION'S liability to all the complainants is deemed extinguished..." is DELETED. SO ORDERED. Velasco, Jr., (Chairperson), Peralta, Del Castillo,* and Perez, JJ., concur. July 28, 2016 NOTICE OF JUDGMENT Sirs / Mesdames: Please take notice that on July 13, 2016 a Decision, copy attached hereto, was rendered by the Supreme Court in the above-entitled case, the original of which was received by this Office on July 28, 2016 at 2:45 p.m. Very truly yours, (SGD)WILFREDO V. LAPITAN elibrary.judiciary.gov.ph/thebookshelf/showdocsfriendly/1/62118 13/18