The International Salvage Union (ISU) has criticised a proposal from Lloyd’s of London to close its Salvage Arbitration Branch, claiming it could leave the Lloyd’s Open Form (LOF) salvage contract “fatally damaged”.
The ISU was informed in late April of Lloyd’s move to review the future of the Salvage Arbitration Branch, which manages the LOF system.
The ISU executive committee said in a statement that the LOF had been...
