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Lloyd's Open Form (LOF)

LOF provides a regime for determining the amount of remuneration to be awarded to salvors for their services in saving property at sea and minimising or preventing damage to the environment.

Ship

The Salvage Arbitration Branch is responsible for the administration of Lloyd's Standard Form of Salvage Agreement, or LOF as it is more commonly referred to.

LOF provides a regime for determining the amount of remuneration to be awarded to salvors for their services in saving property at sea and minimising or preventing damage to the environment. Originating from the late 1800s, it is probably the most widely used international salvage agreement of its kind in the world today.     

The form is administered by Lloyd's Salvage Arbitration Branch whose role is to provide a reputable and secure framework within which the LOF arbitration process can operate. The Form is accompanied by the Lloyd's Salvage Arbitration Clauses (LSAC) which combine the old LSSA Clauses and Procedural Rules.