Presentation on theme: "S.O.S. – Calling All Pirates! Implications from “Tow” or “Salvage” Services Provided to your Vessel Robert M. Cavalier, Esquire LUCAS AND CAVALIER, LLC."— Presentation transcript:
S.O.S. – Calling All Pirates! Implications from “Tow” or “Salvage” Services Provided to your Vessel Robert M. Cavalier, Esquire LUCAS AND CAVALIER, LLC March 28, 2007
COST FACTORS TOW Hourly rates Equipment utilized SALVAGEIncentive Percentage of the value of vessel/property Equipment utilized
DETERMINING SALVAGE AMOUNT Salved value of vessel/property Skill/effort in preventing or reducing damage to environment Measure of success Nature and degree of danger Skill and effort in salving vessel, property and life
DETERMINING SALVAGE AMOUNT (cont.) Time spent and expenses incurred Risks incurred by salvors Timeliness/efficiency Availability of vessels/equipment State of readiness/preparedness/efficiency of salvor and equipment and its value
SALVAGE CONTRACT This Agreement is for use in the rescue of a boat suffering a serious marine peril such as fire, sinking, stranding or high and dry grounding. A copy of this Agreement and any billing should be sent to the Underwriter’s Agent as rapidly as possible. The performance of salvage services hereunder are neither recommended nor approved by Boat Owners Association of The United States. (Copyright 2006 – Boat Owners Association of The United States, 880 South Pickett Street, Alexandria, VA 22304) ** See handout.
PRATICAL TIPS Check insurance coverages Determine scope of service and its “nature” prior to undertaking Contact insurance carrier at time of undertaking Put everything in writing