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MEO CLASS 1 · ORAL QUESTION 33

What is GA Salvage Security?

Answer

GA Salvage Security: It is the security provided for the salvors by the benefiting parties in a GA, if a salvage operation has saved the property.

Salvor security is collected at agreed place of safety. Once collected it has to be deposited to Council of Lloyds. In most cases, it is difficult to collect security from the cargo owner, hence shipowner initially provides the same and later collects the same from cargo owner as he has a possessory lien on the cargo till his dues are cleared by the Cargo owner or his Insurance company at the time of collecting G.A security.