The principles of salvage and salvage law have evolved over many centuries. The fundamental concept is that the salvor should be encouraged by the prospect of an appropriate salvage award to intervene in any casualty situation to salve the ship, property and, in particular, to save life and prevent pollution. The salvor’s right to a reward is based on natural equity, which allows the salvor to participate in the benefit conferred to shipowner, the ship itself and the ship’s cargo.
Locked together: the bow of a laden LPG carrier penetrates the port side of a general cargo vessel – requiring an immediate salvage response.
The historical pre-eminence of London as a global centre for shipping and trade is reflected in its retention of a leading role in marine insurance, salvage law and the arbitration of salvage cases.