Salvors’ lien insurance is required following the successful salvage of a vessel under a Lloyd’s Open Form or similar. The owner of the salved vessel is required to post a salvage guarantee, normally with the Lloyd’s Salvage and Arbitration branch, for an amount reasonably requested by the salvor. It can often take some time for this to be completed to the satisfaction of the salvor. In the meantime, the vessel may continue with its original voyage, or it may be put into a shipyard for repairs.
It is the practice to insure the salvors’ lien for this period if the vessel has been released by the salvor but no formal securing has been posted with Lloyd’s arbitration. Once the security has been posted the insurance of this lien becomes unnecessary.
The salvors’ lien policy ensures that in the event that the salved vessel becomes a total loss prior to the salvage guarantee being posted, the salvor can recover up to the sum insured against any salvage award eventually agreed. The cause of the total loss of the vessel must be within the scope of cover provided under the Institute or American Institute Hull or War Clauses.
Salvors’ lien insurance policies vary greatly and our long experience and depth of knowledge of the salvage business means we can ensure that each policy is tailor-made to cover individual circumstances.
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