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.

"Salvage" In Context

"This is the literal 32-acre salvage yard at 1610 Scott Ave., Carroll Auto Wrecking, that has been a landmark of mangled metal within eyeshot of the Iowa Capitol. The Carrolls realize that through the years their family business, launched in 1955 ..."