ISU underscores its importance to environmental protection
The Naval Architect: April 2019
Over the past few years the International Salvage Union (ISU) has sought to reposition itself in a changing maritime environment. The Lloyd’s Open Form salvage contract (LOF) – the standard contract between the shipowner and salvor in the event of an incident requiring intervention – has been in decline as modern communications allow shipowners and marine insurers alike to assimilate more information faster. This means the emergency response can be tailored accordingly and avoid costly salvor fees for services, for example for towage, which may not have been required. Increasingly the preference is for bespoke, fixed price services, greatly diminishing the salvors earnings from any operation.