When a vessel runs into trouble, its insurers have an interest in preserving as much of its value as possible in order to limit what they ultimately need to pay out. Not surprisingly, Lloyd’s serves as a hub of the salvage world, setting its rules, such as they are, and ironing over the inevitable disputes. The industry’s standard contract is called the Lloyd’s Open Form, which can be agreed over the radio between the captain of a damaged ship and the master of a tug racing to the scene. Later, the compensation the salvor receives from the ship’s insurers may be determined through a Lloyd’s
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