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Old 01-18-2017, 03:40 PM   #1
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Marine Salvage and Insurance

A couple stories concerning salvage and loss that may interest some of you.
https://www.workboat.com/blogs/marit...ent=newsletter
https://www.workboat.com/blogs/marit...he-bilge-pump/
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Old 01-18-2017, 06:11 PM   #2
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And from the second, to quote:

"My advice? Read your policy – and maybe even read it with your admiralty attorney by your side."
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Old 01-18-2017, 07:05 PM   #3
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And from the second, to quote:

"My advice? Read your policy – and maybe even read it with your admiralty attorney by your side."
Nice thought but so is Santa Claus. Who do you think has an Admiralty attorney or is going to call one?
I'm, a Marine salvor and have been involved in many Salvage situations over the last 30 years.Both in my own employ (owner of a Sea-tow licensed area) and as a Tug Captain doing deep sea towing of disabled ships to 1100'. The company I work for does domestic and international salvage. No yachtsman (me included is going to hire an Admiralty attorney to read an insurance policy. My insurance agent is going to be the one to explain it.
The brief explanation of the 3 elements of marine salvage (necessary) was good in the words alloted.
Sometimes salvage awards seem excessive to the layman. Insurance companies are greedy, as are salvors. If salvors aren't compensated for risking their equipment, why would they do it?
The lloyds members do not want potential salvors "looking the other way" in situations where there is marine peril.
The LLoyds open form of salvage is about as fair as it gets. A casualty must be salvaged ,in whole or in part, and the salvors make a claim against the "salved Value" . Salved value is the value of the ship/boat and or cargo minus the cost to repair it . If the salvors and casualty can't agree on a fair settlement, it gets arbittrated. What could be more fair that that?
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Old 01-18-2017, 07:50 PM   #4
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We have Lloyd's so very familiar with their policies.

The above quote was a quote. Now, there are some here who have used maritime attorney's. It all starts with reading the document 100% yourself and then asking questions regarding anything you don't understand. Then, whether a friend or attorney or maritime attorney another person looking can be helpful.

As to your agent or broker much depends on their experience and your trust of them. Our first year, we did have a maritime attorney double check ours. We were billed one hour of time.
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Old 01-18-2017, 07:55 PM   #5
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Greetings,
Mr. BB. That's great IF your attorney is better than the insurance companies attorney. So where does it stop?
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Old 01-18-2017, 08:26 PM   #6
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We have Lloyd's so very familiar with their policies.

The above quote was a quote. Now, there are some here who have used maritime attorney's. It all starts with reading the document 100% yourself and then asking questions regarding anything you don't understand. Then, whether a friend or attorney or maritime attorney another person looking can be helpful.

As to your agent or broker much depends on their experience and your trust of them. Our first year, we did have a maritime attorney double check ours. We were billed one hour of time.
You have LLoyds what? If you answer your insured by LLoyds of
London insurance company your wrong. Lloyds of London is not a company. its a marketplace of insurers who take their own risk and charge accordingly. Saying I'm insured by LLoyds of London is like saying of course I own in The New York stock exchange. No, you own stock in a member of the stock exchange.
I would like to meet the TF member who has hired a Maritime ATTY to review their policy. None that I have heard of. Maritime law is a very specialized and small segment of the legal profession. I bet most of the attorneys on here have never consulted with a maritime atty about their situation.
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Old 01-18-2017, 08:47 PM   #7
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You have LLoyds what? If you answer your insured by LLoyds of
London insurance company your wrong. Lloyds of London is not a company. its a marketplace of insurers who take their own risk and charge accordingly. Saying I'm insured by LLoyds of London is like saying of course I own in The New York stock exchange. No, you own stock in a member of the stock exchange.
I would like to meet the TF member who has hired a Maritime ATTY to review their policy. None that I have heard of. Maritime law is a very specialized and small segment of the legal profession. I bet most of the attorneys on here have never consulted with a maritime atty about their situation.
I never said Lloyd's was our insurer. I'll clarify my statement: My policy was acquired through Lloyd's, which is the service provider and regulator. Various policies through them are placed with any number of insurers or syndicates. You're very correct that they aren't the underwriter. We are insured through their members. Your statement regarding their members and salvors and their open form of salvage and that's what I was discussing us having. I didn't go into all the other.

And, yes, I do use a maritime attorney. The law firm we use for other things in our area also has a maritime department with two attorney's, one of whom is mostly retired so really only one active. We deal with our regular attorney who funnels things to him. Maritime law is a small segment but in Fort Lauderdale it's larger than you might think.

Now, back on target, I highly recommend reading insurance policies carefully and completely, getting explanations of anything you don't understand, and having it read by someone you trust. An oversight or misunderstanding can be very expensive.
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Old 01-18-2017, 10:24 PM   #8
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The individual underwriters who make up a syndicate at Lloyds are(or were) called "Names".
Good luck getting the syndicate together in a hurry to decide something that needs deciding asap. I`d rather have a local insurer, with local skin in the game.
I did some maritime work, technical area. Arresting ships sure got the attention of non paying shipowners. Then there was the Merchant Shipping Act 1894 which restricted damages for negligence to a certain number of french francs multiplied by the length of the vessel. Specialized area indeed.
The cost of running your policy past a maritime lawyer would inhibit most doing it. I thought these days most policies had to be written in "plain English"(whatever that may mean).
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Old 01-18-2017, 11:54 PM   #9
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A couple stories concerning salvage and loss that may interest some of you.
https://www.workboat.com/blogs/marit...ent=newsletter
https://www.workboat.com/blogs/marit...he-bilge-pump/

Thank you for sharing this, I borrowed a link to the bilge pump to the conversation, "engines raw water pump emergency pumping" in the subject tangential to appropriately.
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