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.
| Salesman’s Sample Floater, Sales Charge, Salary Scales | |
| Sample, Sarbanes-Oxleyact of 2002, Savings Are Vital to Everyone Retirement Act of 1997 |
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
