The International Group’s Salvage Committee have launched a report which provides a review into Delays in the Contracting of Salvage services in Marine Casualties.
Lloyd’s Open Form (LOF) is a standard form contract that provides a regime for determining the amount of remuneration to be awarded to salvors for their services to a vessel in distress after the event. Use of traditional LOF contracts is reported to be at a historic low. This has given rise to a concern within the International Group that the declining use of LOF may signal an increasing threat to the safety of life, the environment and property at sea as a result of delays in the engagement of emergency salvage services whilst alternative contracts are explored and negotiated.
The Group commissioned a consultant and former UK SOSREP Hugh Shaw, OBE to prepare an independent review into the potential for delays in the contracting of salvage services to vessels in distress. As part of this Review, questionnaires were sent to over three hundred industry stakeholders. Hugh Shaw’s report can be downloaded via the Group’s website