salvors could be paid to mere "out-of-pocket expenses", with no allowance for any profit margin. As an antidote to this, the marine insurance industry and P&I clubs jointly developed the "SCOPIC clause", which is a codicil that may be appended to an LOF and invoked should the statutory payment provisions prove inadequate. The first SCOPIC clause was in 2000, and there have been several iterations since.

P & I clubs today

Relationship with marine insurance

Marine insurers offer insurance on measurable risks: hull and

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