Your vessel is disabled and in imminent danger of grounding on a lee shore. The Master agrees to salvage services using Lloyd's Open Form of Salvage Agreement. Which is TRUE?
A
The salvage service is on a "no cure-no pay" basis.
B
The salvage award will be decided by suit in Admiralty Court.
C
Underwriters will repudiate the agreement if it is unsuccessful, due to their increased liability.
D
The salvor becomes the owner of the vessel until the salvage award, if any, is paid.
Loading interactive features...
Question 1 / 2066636ee728f7522a1c518f0d
Question 1 of 2066636ee728f7522a1c518f0d
Your vessel is disabled and in imminent danger of grounding on a lee shore. The Master agrees to salvage services using Lloyd's Open Form of Salvage Agreement. Which is TRUE?
Your vessel is disabled and in imminent danger of grounding on a lee shore. The Master agrees to salvage services using Lloyd's Open Form of Salvage Agreement. Which is TRUE?