Maritime Glossary
Salvage
Also known as: maritime salvage
A voluntary service rendered to a ship or cargo in peril, entitling the salvor to a reward based on the value of property saved.
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Full Definition
Maritime salvage is governed by the 1989 International Salvage Convention and common law. The LOF (Lloyd's Open Form) contract is the most widely-used standard ('no cure, no pay'). The SCOPIC clause allows salvors to recover costs from P&I insurers when no property is saved but pollution is prevented. Salvage awards are assessed by arbitrators (Lloyd's Arbitration) based on success, skill, risk, and environmental threat. Wreck removal is a related but distinct activity.
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legaloperationssafety