What does Salvage Property mean? Read on to discover the definition & meaning of the term Salvage Property - to help you better understand the language used in insurance policies.
Asset that is no longer useful for its intended or original purpose but has some value in addition to its scrap value because parts or sections of it may still be recovered and reused.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Salvage Property. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: