Salvage Charges

Definition of "Salvage charges"

Expense of recovering property by a salvor. Salvage charges are not provided for in insurance contracts. If the owner and the salvor cannot agree on salvage charges, a court makes a determination based on the value of the salvaged items and the salvor's expenses. Rules governing payment of salvage charges originated in marine insurance but are now used in other policies-, such as personal automobile insurance.

Search Real Estate Glossary

Related Real Estate Glossary terms

Tender Offer Defense Expense Insurance

Coverage for defense costs incurred in defending a company from an unfriendly takeover attempt. Host ...

National Board Of Fire Underwriters

Now-defunct bureau founded by fire insurance underwriters in 1866 to work for fire prevention and lo ...

Workout Assumption

The assumption of a mortgage, with permission of the lender, from a borrower unable to continue mak ...

Section 401 (k) Plan (salary Reduction Plan)

Employer sponsored retirement savings program named for the section of the Internal Revenue Code tha ...

Life Estate

A freehold equity in a n estate, restricted to the duration of the life of the grantee or other stip ...

Corpus

The actual, physical and tangible fact in a given situation; a substantive body of positive evidence ...

Related Real Estate FAQ

What Is A Mortgagee?

A morgagee is the lender. ...

How Can I Figure Out My Debt-to-income Ratio?

To figure out where you stand on the debt-to-income ratio, you must first understand the meaning of ...

What Is A Rate Lock?

A rate lock is a commitment issued by a lender to a homebuyer or to the mortgage broker guaranteeing ...

What Is A Buildable Acre?

A Buildable acre consists of 43,560 square feet of residentially designated buildable land, after ex ...

What Are Jumbo Mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mort ...

What Is Zoning?

Zoning is the laws that establish how a property can be used and what codes must be followed when er ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

How to become a real estate agent How To Sell Your Home Should you Buy a Home with Cash? What is Hazard Insurance? 5 signs of house foundation problems

FAQ

What are closing costs? What is a Good Faith Estimate? What is an annuity? What is earnest money? What is a buyer’s agent?