Salvage (Marine Insurance)

What is Salvage (Marine Insurance)?

Salvage (Marine Insurance) is The award granted under Maritime Law to a salvor for services rendered in saving property at sea. The service must have come from an independent third party (independently of contract) and have been of material assistance in saving the property. Salvage does not come under the Sue and Labour clause of a Marine Insurance Policy for the reason that the Salvors were not in the service of the Insured.

 

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