noun
In general, it is the value
of a piece of equipment or other property after it has been functionally
rendered useless for the purpose for which it was intended. In the case of a
totally wrecked automobile, for example, it is the depreciated value of
whatever usable parts that can be resold in used condition, plus the value per
pound of the remaining scrap metal; in maritime law itÂ’s compensation for a
service voluntarily given to a vessel in peril that removes it from danger by the
sea; in insurance law, the first definition applies, with the proviso that the
amount of salvage is deducted from what is paid to the insured.