| TCI's coastal resources are
largely untapped. With recent advances in technology it is possible to pinpoint
historical wrecks with accuracy.
Furthermore, improvements in
diving equipment and machinery have made it possible to salvage historical wrecks that
were previously out of reach. It is taken for granted that salvors will in the next
ten years recover more valuable historical artifacts from TCI's waters than in any
previous decade.
Individuals or corporations or
non-profit institutions wishing to carry on search and salvage expeditions within TCI
waters are required to be licensed under the Historical Wrecks Ordinance, 1978.
Applications are made through the Department of Environment and Coastal Resources and the
Ministry of Natural Resources who then arrange for applications to be considered by
Executive Council. The sea-bed surrounding TCI and articles found on the sea-bed are
deemed under TCI law to be Crown property. There is an growing body of specialized
case law however which challenges this type of "blanket sovereignty" and salvors
should be specifically advised in this respect to ensure that their interests are not
jeopardized or sacrificed for the sake of convenience.
TCI Government is extremely
cautious in its dealings with salvors (particularly "for-profit ventures") and
is careful to ensure in each case that applicants are adequately financed and have the
requisite expertise to successfully see an expedition through to completion.
Applications which are not sensitive to Government's concerns, well financed and organized
will be rejected out of hand. It is therefore important to retain professional
advices and assistance in order to identify the areas of concern, properly formulate
the proposal and handle negotiations with Government.
Individuals, groups or
non-profit organizations who are interested in the possibility of obtaining search and
salvage licenses in TCI for research or other purposes are encouraged to contact an
associate of the firm to discuss their plans in a general way, assess the likelihood of
obtaining a licence and determine whether the firm would be prepared to assist in the
process.
Other related areas in which the
firm is involved include:
arbitration;
arrest of vessels;
financing, mortgage and
registration of ships; and
tax-based and structured financing.
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