What is the Admiralty Law of salvage?

Admiralty law in Texas commonly refers to the law of salvage, which is based on legal principles developed centuries ago to incentivize and reward those who assist in rescuing vessels and their cargo from the perils of the sea. Salvage is a legal concept which encompasses the rescue of sinking, grounded, wrecked, or stranded vessels or their cargoes from the perils of the sea. The Admiralty Law of salvage encourages individuals who engage in rescuing vessels and their cargo from harm by awarding them a salvage award. The salvage award is granted to the salvors who perform the service in order to compensate them for their efforts. In order to determine the amount of the salvage award, the court must consider several factors including the type of service performed, the value of the vessel and its cargo, the danger associated with the salvage operation, the skills and expenses of the salvors, and any other relevant circumstances. The most common type of salvage is voluntary salvage where two or more parties agree to provide assistance relating to the rescue of a vessel and/or its cargo. The parties may agree to an award in advance or they may negotiate an award after the salvage services have been rendered. The salvors may also opt for a salvage award in lieu of payment for their services. In either case, the award must be approved by the court in order for it to be legally binding.

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What is the Admiralty Law of salvage?

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