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.

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