What is the law of marine salvage?

Marine salvage is a type of maritime law that protects and benefits those who assist in rescuing and salvaging vessels, cargo, and other property in peril at sea. Under the law of marine salvage, a vessel, its cargo, or other property rescued from a peril at sea is entitled to a reward from the person or entity who provided the assistance (the salvor). The reward is based on a number of factors, including the risks assumed by the salvor, the salvor’s expenses, the value of the property, and the degree of success in rescuing the property. In Virginia, marine salvage is governed by the Federal Admiralty and Maritime Law, which is based on the principles of fairness and equity. The court or an independent body will determine the amount of the reward, taking into account all of the relevant circumstances. It is also possible for a salvor to collect payment for services in advance, known as a “lien on the proceeds”. The law of marine salvage provides an incentive for those who are willing to put their lives and resources at risk in order to assist vessels or cargo in peril at sea. Without the reward, there would be little incentive to rescue vessels and cargo in distress. Therefore, the law of marine salvage is vital to the safety, security, and protection of vessels and other property at sea.

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What is the law of marine salvage?

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