salvage loss

A marine insurance term signifying a total loss of the property insured diminished by salvage, which takes place in relation to goods when there is either an absolute or a constructive total loss of the subject insured but some remains of the property have been recovered by the insured. Devitt v Providence Washington Ins. Co. 61 App Div 390, 401, 70 NYS 654.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • salvage loss — noun : the difference between the amount of the proceeds of what is saved after salvage charges have been deducted and the total value of the property loss …   Useful english dictionary

  • salvage — sal·vage / sal vij/ n 1 a: compensation paid for saving a ship or its cargo from the perils of the sea or for recovering it from an actual loss (as in a shipwreck) b: the act of saving or rescuing a ship or its cargo c: the act of saving or… …   Law dictionary

  • loss — is a generic and relative term. It signifies the act of losing or the thing lost; it is not a word of limited, hard and fast meaning and has been held synonymous with, or equivalent to, damage , damages , deprivation , detriment , injury , and… …   Black's law dictionary

  • loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare …   Law dictionary

  • salvage — In general, that portion of goods or property which has been saved or remains after a casualty such as fire or other loss. In business, any property which is no longer useful (e.g. obsolete equipment) but which has scrap value. In insurance, that …   Black's law dictionary

  • Loss of chance in English law — refers to a particular problem of causation, which arises in tort and contract. The law is invited to assess hypothetical outcomes, either affecting the claimant or a third party, where the defendant s breach of contract or of the duty of care… …   Wikipedia

  • salvage — ► VERB 1) rescue (a ship or its cargo) from loss at sea. 2) retrieve or preserve from loss or destruction. ► NOUN 1) the action of salvaging. 2) cargo salvaged. 3) Law payment made or due to a person who has salvaged a ship or its cargo …   English terms dictionary

  • Salvage title — A salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 70% of its previous market value. This notation gets applied to a title when an insurance company pays a total loss claim on a… …   Wikipedia

  • Loss payee clause — A loss payee clause (or loss payable clause) is a clause in a contract of insurance which provides that in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the… …   Wikipedia

  • salvage — salvageable, adj. salvageability, n. salvager, n. /sal vij/, n., v., salvaged, salvaging. n. 1. the act of saving a ship or its cargo from perils of the seas. 2. the property so saved. 3. compensation given to those who voluntarily save a ship or …   Universalium

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