(1) Property which escapes destruction or damage, or the residual value of property which is partially damaged. If the insured choses to retain the salvage, the amount of loss payable is the gross loss less the value of take over the salvage the Insurers pay for the full loss and thereafter sell, the salvage and retain the proceeds (gross basis). (2) The remuneration payable independently of contract to an outside party who takes part in a successful rescue operation to save life or property at sea.
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UK: 1. Property saved from a misfortune on land or at sea. 2. An award payable to a third party, known as a salvor, for services rendered to preserve maritime property from an insured peril, provided that the salvor acted voluntarily and the property has been threatened by a maritime peril at sea. Insurers contribute to the award in so far as the peril was insured.
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Property that an insurer has taken over to minimize losses.
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US: Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
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This may refer to – (a) property that is rescued from danger on land or at sea; or (b) an award that is paid to someone for voluntarily rescuing property at sea from a marine peril.
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When an insurer makes a payment for lost or damaged property, the insurer is entitled to the salvage of that property.