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Simple English definitions for legal terms
salvage charges
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A quick definition of salvage charges:
Salvage charges refer to the costs that are incurred in the process of salvaging or recovering damaged or lost property. These costs are typically covered by insurance policies and may include expenses such as towing, storage, and repair. In simpler terms, salvage charges are the expenses that are necessary to recover something that has been damaged or lost.
A more thorough explanation:
Definition: Salvage charges are costs that are incurred in the process of salvaging or recovering damaged or lost property. In the context of insurance, these costs are typically covered by the insurer.
Example: If a ship sinks and needs to be salvaged, the costs associated with raising the ship and recovering any cargo or other items on board would be considered salvage charges. These costs might include the fees paid to salvage companies, the cost of equipment and materials used in the salvage operation, and any other expenses related to the recovery process.
Another example: If a car is involved in an accident and needs to be towed to a repair shop, the cost of the tow truck and any other expenses related to the towing and storage of the vehicle would be considered salvage charges.
These examples illustrate how salvage charges can arise in a variety of situations where property has been damaged or lost, and how these costs can be significant and require specialized expertise to manage.