Property Insurance Market News

A prominent Australian maritime lawyer is chairing the review of the 1989 Salvage Convention by the Comite Maritime International (CMI), which has convened a meeting in Buenos Aires this October to canvass competing industry views. The review has been requested by the International Salvage Union (ISU) to account for escalating environmental issues as well as concerns that the professional salvage industry is inadequately compensated for their environmental protection efforts. “The ISU has called for the review on the basis that the salvage landscape has changed dramatically in the past 20 years, making the Convention out of date,” said Stuart Hetherington…