Salvage

by evan » Sat Jul 08, 2006 10:54 am
Posts: 1276
Joined: 01 May 2005

Salvage

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.

Add your comment

Image CAPTCHA
Enter the characters shown in the image.