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.
Popular Insurance Terms
Stealing small amounts of property. Insurance coverage is available under a number of policies. ...
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Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
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Standardized set of business laws that has been adopted by most states. The Uniform Commercial Code governs a wide range of transactions including borrowing, contracts, and many other ...
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