A rich heritage encompassing over 150 years of surveying and consultancy expertise
From our beginning in 1856 as The Salvage Association, providing hull & machinery damage surveys to the London marine insurance market, Braemar (Incorporating The Salvage Association) has grown into a truly international marine consultancy and surveying organisation.
1688 Underwriters do business in Mr Lloyd’s coffee shop
Edward Lloyd started his coffee shop where rich merchants would gather. Brokers would offer them opportunities to underwrite and fill up their slip until the vessel was 100% covered. Still the same practice today at Lloyds where a slip is signed and percentages entered.
1720 First London insurance “companies” were formed
First formal insurance companies were formed under one building.
1734 Lloyd’s List Established
Lloyds List was formerly started as a paper. Edward Lloyd prior to this had been producing a daily news sheet but ran into problems so discontinued it. It is now the oldest daily Newspaper to date.
1760 Lloyd’s Register
Quality assurance set up called Lloyds Register.
1856 The Salvage Association was established
The Salvage Association was conceived for the protect of commercial interests on behalf of Underwriters.
“The Association for the Protection of Commercial Interests as respects Wrecked and Damaged Property”
Reason for formation:
“A means of ascertaining the cause of the undue increase of losses arising from damage to ships and cargoes and of finding a remedy for such a state of things, injurious alike to every fair trader, whether merchant, ship owner or underwriter.
Founded by the Royal Exchange, London, Alliance Marine, Indemnity Mutual Marine and Marine Insurance Co plus 175 Members of Lloyds. In addition insurance offices in India and China.
Motto “Quaerite Vera” – Seek the Truth, pronounced ‘Kway Ree Tay Vera’ “To seek the truth” We still uphold that principle today.
The Role of The Salvage Association
- Membership – London Insurance Market
- Levy support given by members
- Pre risk, Loss Prevention & Casualty Surveys
- Provided insurers with information
- Worked for insurers and other parties worldwide
- Co-ordinated surveys for worldwide interests
- Assisted Governments & other parties
Surveyor instructed to find out the
- Nature of damage
- Extent of damage
- Cause of damage
- Means of mitigation
And most importantly the estimated cost of repairs
1867 The Royal Charter – Not for profit
2001 Sold by the London Insurance market
In 2001 The Salvage Association was acquired by BMT and renamed BMT Salvage, it operated as a company until 2007 when BMT amalgamated their 2005 acquisition BMT Murray Fenton with the BMT Salvage to form BMT Marine & Offshore Surveys Limited (Incorporating The Salvage Association). Murray Fenton were an established and respected marine consultancy in London, mainly servicing the legal and P&I markets.
With the amalgamation of the two companies BMT Marine & Offshore Surveys could now handle a broad spectrum of marine claims and consultancy.
2011 Acquired by Braemar Shipping Services plc
The company was acquired by Braemar, a large marine group who started as shipbrokers under the name Braemar Seascope.