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The International Salvage Union has warned that incidents such as the pollution caused by the grounding of the 203,000-dwt Wakashio (built 2007) off Mauritius in July last year would be more common without the Lloyd's Open Form contract. Photo: IMO/Creative Commons 2.0

Salvors issue warning over future of Lloyd’s Open Form

Union says move by Lloyd’s of London to close Salvage Arbitration Branch puts traditional go-to contract at risk

10 May 2021 8:28 GMT Updated 10 May 2021 10:42 GMT

By Adam Corbett

in London

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.