July 27

On July 27, 1987, salvage operations began on the Titanic.

Law of salvage is ancient. Recovery of items lost at sea has been considered a public service, but sometimes there have been issues about what is "lost" at sea. Under the law, salvage for gain is acceptable, but legal duty to aid still applies.

Unless the vessel is "derelict" or clearly abandoned, or no owner can be tracked down, the owner of the vessel has rights to the salvage. If an insurance company that paid out a claim is still in business, they have the rights to the salvage.

A salvor does not get the complete amount of the find. What he will get is dependent on the difficulty of the operation, time and energy expended, the value of the recovery, and how much danger was involved. A salvor assumes the risk when they undertake the operation; in no case will a salvor be awarded more than the vessel is worth. 10-25% is more typical.

Some have tried to argue salvage as abandoned property, in which case the finder would recover the whole, and take possession, but courts have been largely unsympathetic. A vessel needs to be intentionally abandoned, and that is a difficult standard to meet.

Salvage can be very profitable, but risks can be high as well.