Salvage

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The term “salvage” simply means used or damaged property that retains an asset value. It does not connote equipment that was valueless or incapable of use. [G.J. Leasing, Co. v. Union Elec., 854 F. Supp. 539 (S.D.Ill. 06/6/1994).]

Historically, courts have applied the maritime law of salvage when ships or their cargo have been recovered from the bottom of the sea by those other than their owners. Under this law, the original owners still retain their ownership interests in such property, although the salvors are entitled to a very liberal salvage award. Such awards often exceed the value of the services rendered, and if no owner should come forward to claim the property, the salvor is normally awarded its total value. On salvage generally. [3A M. Norris, Benedict on Admiralty: The Law of Salvage (7th ed. rev. 1991)].

Salvage is another equitable remedy, like subrogation, that the adjuster should never ignore.