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The ISU has been responsible, in co-operation with the European Tugowners’ Association and the International Group of P&I Clubs (and via the good offices of BIMCO), for the introduction of the TOWCON and TOWHIRE standard international towage agreements.
Similar work, carried out in consultation with the International Chamber of Shipping and the International Group of P&I Clubs, led to the publication by BIMCO of the WRECKFIXED, WRECKSTAGE and WRECKCON standard wreck removal agreements and revisions leading to the latest 2010 versions.
The ISU was a founder member of the Lloyd’s Form Working Party.
The ISU continues to play an active role in the periodic review and drafting of the Lloyd’s Standard Form of Salvage Agreement (no cure – no pay), up to and including the latest LOF 2011 edition.
In turn, this depends upon the ISU enjoying the support, by membership, of all companies with a commitment to the business of salvage. Associate Membership applications are welcomed from P&I Clubs, other insurers, law firms, ports, national response organisations, shipowners and managers, coastal local authorities, environmental organisations and others with an interest in salvage, pollution prevention and wreck removal services.
It is managed by an Executive Committee consisting of the President, Vice-President and up to ten individuals drawn from member companies.
The membership and Executive Committee are supported by a General Manager, Legal Adviser and Communications/Public Relations Adviser.
A General Meeting takes place each year, to which all full members are invited.
The ISU Executive Committee meets on a quarterly basis.