salvage award
A salvage award is a financial compensation given to individuals or companies who help rescue or save a ship, cargo, or property in distress at sea. When a vessel is in danger, salvors (the rescuers) take actions to recover it or its belongings, risking their resources and safety. If successful, they can claim a salvage award from the property owner, typically calculated based on the value of what was saved and the level of effort involved in the rescue. This encourages prompt assistance and rewards those who contribute to maritime safety and recovery.
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A salvage award is a legal compensation given to individuals or companies that help recover a ship, cargo, or assets in danger at sea. When a vessel is in trouble, salvors (those who perform the rescue) risk their own resources and safety to save it. If their efforts are successful, they may receive a reward, typically based on the value of what was saved and the risks involved. This system encourages prompt action to salvage maritime property and prevents loss, thus playing a crucial role in maritime law and safety.