What is the law of marine salvage?

The law of marine salvage is a body of law that governs the compensation that is given to individuals or companies when they save a vessel that is in danger of being lost at sea. In New York, this law is governed by the New York Maritime Law and is based on a legal principle that if you salvage a ship, you are entitled to receive a proportionate reward for your services. The basic principle of the law of marine salvage is that when someone voluntarily saves a boat or other vessel from being lost at sea, they are entitled to receive a reward proportional to the value of the property saved. This reward is also known as "salvage rights." The amount of the reward is determined by the court and is based on several factors, including the skill and efficiency of the salvage operation, the efforts and expenses incurred, the degree of danger faced by the salvors, and the value of the property saved. In addition, New York’s Maritime Law requires that the salvor must act as a “good samaritan” by attempting to save the vessel, crew, and its cargo before they become irrecoverably lost. The law also states that those involved in marine salvage must do so without expecting a reward or reward or compensation. This does not mean, however, that the salvor cannot expect to be paid—if successful, they are entitled to a fair reward for their efforts.

Related FAQs

What is the scope of the Convention on Facilitation of International Maritime Traffic?
What is the scope of the Convention on the Regulation of Inter-American Tropical Tuna Fishing?
What is the scope of the International Convention on the Prevention of Marine Pollution from Ships?
What is the scope of the International Convention on Load Lines?
What does maritime law cover?
What is the scope of the Convention on Facilitation of International Maritime Traffic?
What is the United Nations Convention on the Law of the Sea?
What role does the International Maritime Organization (IMO) play in maritime law?
What is the scope of the International Ship and Port Facility Security Code?
What is the International Maritime Dangerous Goods (IMDG) Code?

What is the law of marine salvage?

Related FAQs

Related Blog Posts