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Salvage Corps (Mumbai)

The Mumbai Salvage Corps works hand in hand with the Mumbai Fire Brigade responding to all the Fire calls transmitted to its station through a hotline from the Fire Brigade. While the Fire Brigade is busy fighting the Fire, the Salvage Corps attempts to remove property not involved in the Fire to a place of safety. Sometimes it covers such property to prevent smoke and water damage and also assists in removing the water from Fire-affected premises, thus reducing water damage. In many instances, the Salvage Corps also provides security service by posting salvage men on watch duty till the Insurance surveyor completes his work.

Salvage Guarantee

An agreement whereby a guarantor agrees to meet a salvage award if the party responsible fails to pay it to the salvor. Such an agreement enables a salvor safety to release the maritime lien to which he is entitled on the salved property.

Salvage loss

The loss incurred when goods damaged by a marine peril are sold at an intermediate port because it is considered they will be worthless by the time of reaching the original destination. The underwriter pays a total loss but takes credit for the net proceeds of the sale.
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Where the goods insured under a Marine policy are damaged and as a result of the damage are sold short of destination for less than their insured value there is said to be a salvage loss. The insurer must pay the difference between the insured value and the proceeds, after deduction of sale charges and survey fee of the sale.

Salvage Pure for Marine

In pure salvage there is no prior contract between the property owner and the salvor. The relationship is implied by law based on the principle of natural equity. The salvor has to bring his claim for salvage award before a court which has jurisdiction which will award salvage based on the value of the salvaged property and the “merit of the service” meaning the difficulties and dangers involved in the operator.

Salvage value

UK: Estimated monetary amount that could be realised by selling damaged property, cargo or the vessel.
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The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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US: The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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The estimated cash amount that would be received if damaged property were to be sold.

Salvors

When a ship and cargo or any part thereof are saved at sea by the exertions of any person from impending perils (or) are recovered after an actual abandonment of loss, such persons are called salvors. They are entitled to a compensation for their services, which is called salvage. They have a lien on the property for their salvage, which the laws of all maritime countries respect and enforce.