Salvage Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Salvage, written in plain English, along with examples of how it is used.
What is Salvage?
(n) Salvage is the recovery of goods or portion of the good exposed to an accident, damage, pilforation etc due to an unexpected incident like fire, wreckage, breakdown, natural calamities etc
History and Meaning of Salvage
Salvage is a legal term that refers to the process of recovering property or goods that have been damaged or lost in unexpected incidents such as accidents, natural disasters, and thefts. Salvage has been a recognized practice for centuries, with a rich history dating back to ancient Greece and Rome. In those times, ship owners often relied on skilled divers to retrieve valuable cargo that had sunk to the bottom of the sea. Today, the concept of salvage extends beyond the seas to all types of property and goods.
Salvage can be of great significance in situations where the property or goods are worth a significant amount of money. In such cases, the salvaged items can be sold to offset the cost of the recovery process. Salvage can also be helpful in terms of preserving historical artifacts and other culturally significant items.
Examples of Salvage
After the hurricane, the insurance company hired a salvage company to retrieve the homeowner's belongings that had washed away in the flood.
The divers were able to salvage the sunken ship's treasures, including gold coins and antique jewelry.
The firefighters managed to salvage some of the furniture from the burning building before it was entirely destroyed by the flames.
Legal Terms Similar to Salvage
- Recovery: The process of reclaiming lost or damaged property, goods, or services.
- Reclamation: The process of recovering goods, property or land from someone who has taken or held them illegally.
- Abandoned Property: Property that has been left or deserted without any intent to return or claim it.