What does Salvage mean? Read on to discover the definition & meaning of the term Salvage - to help you better understand the language used in insurance policies.
Property transferred to an insurer to reduce its loss. The insurer secures an ownership interest from paying a claim for total loss or damage based on the true value of the property in its undamaged state or before the loss occurred.
We hope the you have a better understanding of the meaning of Salvage.