Stautory Salvage

Statutory salvage refers to the legal process where a person who voluntarily assists in saving a ship or its cargo from loss or damage receives a reward or compensation mandated by law. Under maritime law, if someone helps prevent a vessel or its cargo from being damaged or lost at sea, they are entitled to a salvage award, which is determined by specific statutes designed to fairly compensate their efforts. This legal framework encourages and regulates aid to vessels in distress, ensuring both the safety of maritime operations and fair recognition for those who provide crucial assistance.