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Insurance Definition: SALVAGE

By Compuquotes Team on March 27th, 2008

SALVAGE:

Definition:

  • Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering that property.

Information provided by Insurance Information Institute

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