Vessel Salvage Claims
In peril at sea, a reward or compensation may be asserted by a vessel or crew giving aid to another vessel, barge, or any other maritime property. Maritime salvage laws are rooted in fairness to both the salvor (the person who salvages the property) and distressed property owners and as a matter of public policy. Maritime perils include anytime maritime property subject to potential danger or damage, including simple mechanical failures, steering malfunctions, to more serious dangers such as complete submersions. Once a shipowner accepts an offer of help from a salvor and the property is successfully salvaged, the law provides that the amount a court or arbitrator will award the salvors are based on several factors such as the value of the property salvaged, the degree of success of the salvage, the degree of danger of the salvage, mitigation efforts to the environment, and other special considerations given to the salvor. Salvors may also make a claim percentage of the value of the vessel, which is customary in 10% of the value of the vessel. If you have salvaged vessels and considering a claim, call us for a free consultation.