Featured MarEx Print Article: The Role of Marine Insurers in the Salvage Process

From our American Salvage Association edition (October 2008), Jorge Pecci, Senior Vice President, AIG Global Marine defines the role of the Marine Insurer.

This week’s featured archive MarEx print article is taken from our October edition, which also features the leaders of the American Salvage Association on the cover. Follow along as Pecci leads the MarEx reader through the “ins and outs” of the marine insurance part of the salvage equation. According to Pecci, one of the most complete definitions of “salvage” is that given by Geoffrey Brice, QC in his book, Maritime Law of Salvage. In that text, it says, “The right to salvage arises when a person, acting as a volunteer, preserves or contributes to preserving at sea any vessel, cargo, freight or other recognized subject of salvage in danger.”

Although “salvage” has been defined in different ways, there are four common and essential features incorporated into all of the definitions: (1) a volunteer, (2) with the purpose of preserving, (3) a recognized subject of salvage, (4) which is in danger. Pecci’s informative piece describes the role that property and liability insurers will continue to play in creating and maintaining proper incentives.

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