Salvage Loss
Defined in 4 dictionaries — Cyclopedic (1922), Ballentine's (1916), Bouvier (1914), Black's (1910)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
That kind of loss which it is presumed would, but for certain services rendered and exertions made, have become a total loss. It also means, among underwriters and average adjusters, a mode of settling a loss, under a policy, in cases where the goods have been necessarily sold In such cases, though the property be not abandoned to the underwriter, the principle of abandonment is assumed in the adjustment of the loss. The underwriter pays a total loss. The net proceeds of the sale of the goods, after deducting all expenses, are retained by the assured, and he credits the underwriter with the amount. 2 Phil. Ins. § 1480; Stev. Av. c. 2, § 1.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
That kind of loss which it is presumed would, but for certain services rendered and exertions made, have become a total loss. It also means, among underwriters and average-adjusters, a mode of settling a loss, under a policy, in cases where the goods have been necessarily sold at a port short of the port of destination, in consequence of the perils insured against. In such cases, though the property be not abandoned to the underwriter, the principle of abandonment is assumed in the adjustment of the loss. The underwriter pays a total loss. The net proceeds of the sale of the goods, after deducting all the expenses, are retained by the assured, and he credits the underwriter with the amount; 2 Phill. Ins. § 1480.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910