What is the Admiralty Law of salvage?
Admiralty law of salvage is a branch of law which pertains to the rescuing of property, usually a vessel, that is in danger of being lost due to a peril. This law establishes the rules for the recovery of salvage rewards and the rights and responsibilities of the salvor and the owner of the property being rescued. In Colorado, the admiralty law of salvage is governed by federal law as set out in 46 US Code 7101. This law states that a salvor, or a person who attempts to salvage a vessel or property, is entitled to a fair salvage reward if they are successful in the rescue. This reward is determined by a “salvage award” which is a court-determined fraction of the value of the vessel or property. In addition to the salvage reward, the salvor is also entitled to reimbursement for any costs they incurred while performing the salvage. This typically includes the costs of towing, cargo transportation, and any other relevant costs. In addition, the salvor can also demand “special compensation” for any heroic efforts that are made in the salvage of a vessel or property, including the risks assumed by the salvor. Finally, the law also provides that the salvors be treated fairly in regards to their efforts and be given reasonable consideration for any success they have achieved in the salvage. Overall, the admiralty law of salvage is in place to provide a fair and equitable system for the recovery of vessels and property in peril.
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