Pension arrangement in writing under which the employee agrees with the employer to forgo part of his earnings in return for a corresponding contribution by the employer to the scheme.

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.

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.

SA negotiates salvage contracts when instructed by the shipowner following a loss. It provides expert advice, organises surveys (worldwide) of hull and cargo, including oil industry damage, and supervises salvage operations. British Maritime Technology Ltd acquired SA in 2001.

The insurance term for salvage award. Compare with SUE AND LABOUR CHARGES; SISTERSHIP CLAUSE.
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An amount paid by the original assured to a party who has rendered services in saving the insured property from a maritime peril on a no cure no pay basis.

The loss incurred when goods damaged by a marine peril are sold at an intermediate port because it is considered they will be worthless by the time of reaching the original destination. The underwriter pays a total loss but takes credit for the net proceeds of the sale.
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Where the goods insured under a Marine policy are damaged and as a result of the damage are sold short of destination for less than their insured value there is said to be a salvage loss. The insurer must pay the difference between the insured value and the proceeds, after deduction of sale charges and survey fee of the sale.

UK: Estimated monetary amount that could be realised by selling damaged property, cargo or the vessel.
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The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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US: The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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The estimated cash amount that would be received if damaged property were to be sold.

A person who saves property. In maritime law salvors have a lien on property saved. See SALVAGE.

Any manmade body, including spacecraft, launched by rocket into space and put into orbit around the earth. The use of satellites for communications has been greatly extended and the aviation insurance industry has developed a range of policies to meet the risks. See SATELLITE/SPACE INSURANCE.