Originally Posted by BandB
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?