Salvage

Salvage refers to the process of recovering assets or property that have been damaged, lost, or discarded, often after a disaster or accident. This can include recovering ships that have sunk, buildings after a fire, or vehicles after a crash. The goal of salvage is to maximize the value of the recovered items and minimize losses. In legal and insurance contexts, salvage can also involve determining how much of an insured item's value can be reclaimed, ensuring that the owner receives fair compensation while also considering the recovered asset's worth.

Additional Insights

Salvage refers to the process of recovering valuable items from damaged or abandoned property, especially after disasters, shipwrecks, or accidents. In maritime contexts, it involves rescuing goods from vessels that have sunk or are in danger of sinking. Salvage rights typically allow individuals or companies to claim ownership of the recovered items, often incentivizing them to undertake risky recovery operations. In a broader sense, it can also apply to restoring or repurposing materials and assets from any situation where they are no longer in use or are at risk of being lost.