by Douglas Gould on May 17, 2011
The outcome of this case will be interesting….
He filed for $27 million in damages, according to the 97-page lawsuit. The insurance companies claim they have already paid him $26 million of that, which covers the $16 million boat and $10 million in salvage fees, but both sides are haggling over conditions attached to portions of that money. Halmos claims the insurance companies also owe him millions stemming from his two-year effort to satisfy National Oceanic and Atmospheric Administration requirements for removing the yacht in a manner that caused minimal damage to the marine environment.
Yacht salvage trial nears an end | KeysNews.com.
by Douglas Gould on September 20, 2010
Insurers, companies push new salvage rules.
Insurers and some salvage and transport companies working for them are pushing Texas lawmakers to create tougher rules to stop widespread “piracy” of boats grounded or adrift after major storms.
The group seeks regulations about how much salvage yards can charge to release boats collected — or stolen, some in the industry argue — after hurricanes.
Read the entire article. I don’t even know where to begin… but perhaps CPORT might want to contact some to the lawmakers down there just to be sure this doesn’t get too out of hand? I’m sure this is all about storage yards charging too much, but let’s be clear about how the term salvage gets defined.
http://galvestondailynews.com/story/177234
