What is the law of salvage?

The law of salvage is a legal concept that applies to the maritime industry in Washington and throughout the United States. The law of salvage provides a financial incentive to individuals and companies who recover lost or damaged property from the water. The purpose of the law is to provide an incentive for persons, who are not legally responsible for the loss or damage of property, to help retrieve the property. The most common form of salvage involves marine vessels and property, such as cargo or equipment that is lost or damaged in the course of a voyage. As per the law, the salvors are entitled to reasonable rewards for the recovery of the lost or damaged property, which is determined by the court. The award varies depending on the difficulty and danger of the salvage operation, the value of the property saved, and the extent of the salvors contribution. In general, the law of salvage provides a reasonable and equitable reward to the salvor, who displays courage and diligence in performing a service to the public. Salvage is a long-standing maritime practice and remains necessary for encouraging individuals to risk their lives and property in order to save the lives and property of others. Without the law of salvage, the public would be at a great disadvantage as dangerous, stranded and wrecked vessels would remain unassisted and lost property would remain unrecovered.

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What is the law of salvage?

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