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Sale Salv

Salvage

Compensation paid for the rescue of a ship, its cargo or passengers from a loss at sea. The act of saving a ship or its cargo from possible loss. Property saved from a wreck or fire.

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Salvage loss

A method of insurance adjustment where the underwriter pays the difference between the amount of insurance and the net proceeds of the sale of damaged goods. It is sometimes incorrectly assumed that when damaged goods are sold to determine the…

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