Salvage

The value of property after a fire or other peril which value is used to reduce the total loss. Some of the property may be undamaged and quite salable, some may be partially damaged and repairable and then salable. It is also used to mean the removal of goods during the course of a fire to prevent damages or the removal of the goods after the fire to prevent further damage. In marine insurance, it also means the cost of avoiding the loss of the property by the particular peril insured. In bond or suretyship, it is the amount of money paid back to the principle to reduce the loss before payment by the bonding company and the amount paid after the payment of the loss to the insurance company reducing their loss with respect to that claim.