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Sale of Goods Act 1979

As amended by the Sale of Goods Act 1994, the Act implies, inter alia, in contracts for the sale of goods by a business, that the seller promises that the goods will of satisfactory quality, will be as described and will be fit for purpose. The seller as a trader will be liable for any breach that causes injury but may have recourse against his supplier. The Unfair Contract Terms Act 1977 restricts the exclusion or limitation of liability in relation to these terms depending on whether it is a consumer sale or a non-consumer sale.

Sales Turnover Policy (STOP) for Marine Cargo

A single policy covering all different transits of an insured. Estimated values for each of the transits are obtained and a rate of premium worked out by insurer for each transit. The total premium arrived at thus is divided by the estimated sales figures (sales + domestic sales) to arrive at the policy rate in a reverse manner. Client is expected to declare only the audited/certified sales figures every month/every quarter. Intermediate storage cover (on names perils and specified duration basis) can be considered.

Salvage

(1) Property which escapes destruction or damage, or the residual value of property which is partially damaged. If the insured choses to retain the salvage, the amount of loss payable is the gross loss less the value of take over the salvage the Insurers pay for the full loss and thereafter sell, the salvage and retain the proceeds (gross basis). (2) The remuneration payable independently of contract to an outside party who takes part in a successful rescue operation to save life or property at sea.
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UK: 1. Property saved from a misfortune on land or at sea. 2. An award payable to a third party, known as a salvor, for services rendered to preserve maritime property from an insured peril, provided that the salvor acted voluntarily and the property has been threatened by a maritime peril at sea. Insurers contribute to the award in so far as the peril was insured.
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Property that an insurer has taken over to minimize losses.
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US: Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
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This may refer to – (a) property that is rescued from danger on land or at sea; or (b) an award that is paid to someone for voluntarily rescuing property at sea from a marine peril.
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When an insurer makes a payment for lost or damaged property, the insurer is entitled to the salvage of that property.

Salvage agreement

Entered into by parties in a salvage situation. The salvor then acts under contract instead of voluntarily and so forfeits his rights to salvage charges. However, if subscribing to the Lloyd’s Standard Form of Salvage Agreement, the ‘no cure, no pay’ condition is preserved. The successful salvor receives either the sum fixed in the agreement or the amount awarded by a Lloyd’s-appointed arbitrator.

Salvage and Subrogation

Those rights of the insured which, under the terms of the policy, automatically transfer to the insurer upon settlement of a loss. Salvage applies to any proceeds from the repaired, recovered, or scrapped property. Subrogation refers to the proceeds of negotiations or legal actions against negligent third parties and may apply to either property or casualty coverage.