Developments in Salvage

LOF 2000 and SCOPIC

In September the Council of Lloyd’s published a new edition of Lloyd’s Standard Form of Salvage Agreement.‘ LOF 2000 ’ is the 11th edition of the world’ s most renowned salvage contract published since its introduction in 1908. The latest revision reflects an intention to simplify LOF and its procedures, both in form and content. Perhaps the most significant development is the inclusion of an option to incorporate the SCOPIC Clause into the agreement. This provides LOF users with the opportunity of avoiding the often uncertain effects of the Special Compensation regime introduced under Article 14 of the 1989 Salvage Convention, by incorporating the SCOPIC Clause (which hitherto has operated on a trial basis under a wording developed by the International Salvage Union (ISU), the International Group of P&I Clubs and certain property insurers).