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Yacht Salvage Explained
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When the 94-foot superyacht Nakoa ran aground on reefs and rocks in Hawaii earlier this year, a tricky salvage operation ensued. The yacht was so firmly stuck that it took three attempts before she was finally freed. But, she sank within minutes of being towed clear. Ultimately, the yacht salvage wasn't successful.
The situation raised a host of questions, besides what the owner of Nakoa was doing in the area, and what he should have done to prevent needing assistance in the first place. In this episode of The Yacht Law Podcast, maritime attorney Michael Moore and yachting journalist Diane M. Byrne review some of the most commonly asked questions about yacht salvage. For example, who's responsible for initiating a request for help, and who's responsible for the costs? As you'll learn, matters can get complicated, requiring arbitrators to decide who gets paid what, and whether they get paid certain fees at all. The one thing that all parties in a yacht salvage situation can agree upon, however, is that time is of the essence.
Have a yacht law question? Email it to info@megayachtnews.com or michael@moore-and-co.com for your chance to have it answered on our podcast. All requests for confidentiality and/or anonymity are respected.
Hiring a lawyer is a big decision. Visit Moore & Company for the legal team's qualifications and experience. And, to learn the latest about superyacht launches, shipyards, designs, and destinations, visit Megayacht News.
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