Lloyd’s of London promises to promote LOF salvage contracts

The Lloyd’s of London insurance market has decided to retain its salvage arbitration branch, which will ensure the traditional Lloyd’s Open Form (LOF) salvage contract can continue.

Salvors had feared that a Lloyd's review would spell the end of Lloyd’s Salvage Arbitration Branch (LSAB) and the LOF, which has been the main form of emergency response contract for more than a century.