Lloyd's Salvage Arbitration

Lloyd’s salvage arbitration is the London arbitral process that fixes the reward under a Lloyd’s Open Form contract. A sole arbitrator drawn from the Lloyd’s panel assesses the award using the Article 13 criteria of the 1989 Salvage Convention: the salved value, the salvor’s skill and effort, the danger, the time and expenses, and the success achieved. An appeal arbitrator hears challenges. The system lets parties agree salvage at the casualty on no-cure-no-pay terms and resolve the money afterward, including any SCOPIC special compensation.