Generally, that property remaining or saved after a loss. Also that portion of property which is taken over by the insurer after payment of a claim for the loss. The insured may retain profession of the salvaged property, at which time the insurance company will deduct the salvage value from the amount of the claim paid.
Salvage Charges
The expenses and costs incurred in preserving the property which was in danger, usually borne by the insurer.
Salvage Value
The value of the asset remaining after its useful life has expired, commonly equivalent to scrap value.
Sample, Sale By
A sale at which the buyer sees only a sample of the merchandise, which creates an express warranty that all the merchandise will confirm to the sample.
Schedule
In insurance, a comprehensive listing of property, locations and amounts insured, and the applicable conditions. Also, a formula applied to determine an insurance rate.
Schedule Bond
Protects against loss from dishonesty or fraud by named individuals or named positions.