The long-term decline in use of the emergency “no cure, no pay” Lloyd’s Open Form (LOF) salvage contract is continuing, with only 42 contracts awarded last year.
However, 2016 managed to avoid being the lowest year yet for such work, according to the Lloyd’s insurance market.
A late rally in salvage work that saw 12 LOF contracts awarded in November and December meant 2016 managed to beat the previous low of 37 in 2014.
