Salvage Convention
Part XII of the Merchant Shipping Law updates and replaces the old Wreck and Salvage Law.  It also incorporates the International Convention on Salvage, 1989 with its innovative features on special compensation to salvors for preventing or mitigating environmental damage. The provisions of this convention are also incorporated into the Lloyd’s Open Form (LOF) 1995, which is the most widely used standard form of salvage agreement.

Wreck Removal Expenses
Vessels in or entering Cayman waters are required to carry insurance cover against wreck removal expenses in an amount satisfactory to the Receiver of Wreck, currently the Director of the Ports Authority. 

For more information on statutory insurance see the section: Statutory Insurance.