Salvage Awards
Salvage awards are payments made to individuals or companies that successfully help recover a ship, its cargo, or property from danger or prevent loss at sea. When a vessel is in distress, salvors—those who assist—risk their own resources and safety to secure the asset. If they succeed, they can claim a salvage award, which is typically a percentage of the value of the recovered property. This system encourages prompt assistance at sea, ensuring vessels and cargo are saved whenever possible, while also compensating those who take on the risks of salvage operations.
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Salvage awards are compensation given to individuals or organizations that assist in saving property, often from maritime incidents. If a vessel is in distress, such as being stranded or sinking, those who help rescue it or recover its cargo may receive a salvage award. This reward is intended to recognize and incentivize the efforts made to prevent loss and promote safety at sea. The amount awarded is typically based on the value of the property saved and the degree of risk involved in the salvage operation.