salvage

(redirected from salvages)
Also found in: Dictionary, Thesaurus, Medical, Legal.

salvage,

in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. A claim for salvage ordinarily is allowed if the salvor's activities had some effect in averting the threatened peril even if they were not indispensable. In the United States, salvage is granted for rescues made on navigable streams and lakes as well as on the open sea. Salvage includes a reward designed to encourage rescue operations besides the payment for the value of the services. In setting the amount of the salvage, courts consider relevant factors such as the expense and hazard of the rescue and the price of the ship or goods saved. Salvage is distributed by the court to the owner, the master, and the crew of the rescuing ship, usually according to fixed ratios. Salvage money is not payable to the captain and crew of ships commissioned by a government specifically for rescue operations.

Salvage

The controlled removal of construction or demolition debris, or other waste, from a permitted building or demolition site for the purpose of recycling, reuse, or storage for later recycling or reuse. Commonly salvaged materials include structural beams and posts, flooring, doors, cabinetry, brick, and decorative items.

salvage

In a building under repair or reconstruction, the saving of damaged or discarded material, for use or resale, which otherwise would be a total loss.

salvage

1. the act, process, or business of rescuing vessels or their cargoes from loss at sea
2. compensation paid for the salvage of a vessel or its cargo
References in periodicals archive ?
When creating a CAT team and researching alternative solutions for salvage disposition, insurers should look for solutions that dramatically open up the claim valuation process to a global marketplace.
Web auctions allow salvage experts to create demand both locally and globally to help insurers realize fair market value for salvage.
The benefits of alternative claim solutions reach far beyond a cost-effective method for salvage disposition, especially in catastrophe situations.
Modern claim solutions allow insurers and their clients to avoid significant and costly liabilities, such as the requirement to remove salvage from remote locations, store the salvage for an extended period of time, or prepare the salvage for transfer or sale.
The possibility for meaningful recovery is significantly bleaker for the remaining 90 percent of commercial insurance salvage that does not find its way to the open market.
Online salvage auctions are quickly gaming popularity as a proven alternative claim solution due to their many benefits for insurers.
The benefits of alternative claim solutions reach far beyond being cost-effective methods for salvage disposition.
Furthermore, adjusters can provide irrefutable evidence of achieving full market value for salvage, thereby reducing subrogation expenses through decreased challenges of the salvage recovery value used in settlements.