salvage

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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 ?
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.
Furthermore, insurance adjusters can provide irrefutable evidence of obtaining market value for salvage, thereby reducing expenses associated with challenges of the salvage recovery value used in settlements.
Those benefits are multiplied in disaster situations, when insurers' supplies of salvage increases and their need for salvage disposition is higher.
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.
Armed with a strategic salvage disposition solution and documented analytical data, insureds are beginning to see lower premiums as a result of reduced loss history By handling salvage effectively, carriers can reduce claims to amounts below the deductible, which means these losses should not have a large negative effect on premiums.
Historically, underwriters have fully delegated all responsibility for conducting a salvage sale to surveyors and adjusters.
The second factor that prevents salvage from making it to the open market is the "brands and labels" and "control of damaged goods" clauses written into many commercial insurance policies.
When an insurer has this proof of value, the chances that the claim will be challenged on the basis of the salvage value are greatly reduced.