What is salvage security?

An amount which, under the terms of a salvage agreement, must be paid by each owner of salved property to the satisfaction of the salvage contractor. It is often arranged by an average adjuster (in tandem with general average security and is lodged with Lloyd's Salvage Department. Until security is given, the contractor has a maritime lien on the property salved for his remuneration. For questions on General Average security see Section I.