Originally Posted by Pete7
I thought a true salvage
claim was worth about 8 - 10% of the value,
A pure salvag
e claim (sometimes called a merit salvage)
can be worth much more than 10%, and also can be less. Much depends on the peril that boat was in, and how well the salvors did the job. In this case, I would say that sailboat was in immediate and severe peril. She was completely at the mercy of the forces of nature and likely to sustain damage if she hadn't already.
In general, around 10-12% is the average award
in recreational craft - of POST SALVAGE VALUE. That is, they might get about 10% of what the boat would be worth on the open market as it sits on the dock
after the job is done. If the boat suffered $20k in damage, you deduct that from the pre-event value (often taken as the insured value).
There is another CF thread going about salvage here