marine salvage award

A marine salvage award is a payment given to individuals or companies that successfully retrieve or rescue ships, cargo, or property from danger at sea. It’s a reward based on the value of the saved property and the effort involved, encouraging effective and safe salvage operations. The amount is determined by a court or maritime authority, considering factors like risk taken, skill, and the importance of the saved assets. This system incentivizes timely and professional action to protect maritime interests and reduce hazards at sea.