What Does Salvage Mean?

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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.

Salvage

Salvage

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.

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