Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

salvage loss

Read a random definition: Nullum Tempus Act

A quick definition of salvage loss:

Salvage loss is when something loses its value unexpectedly or gets destroyed. This can happen because of accidents, natural disasters, or other unexpected events. When something is insured, the insurance company may have to pay for the loss. If something is sold for less than it was bought for, that is also considered a loss. Sometimes, the loss is so big that it cannot be fixed, and the thing is considered a total loss.

A more thorough explanation:

Definition: A salvage loss is an undesirable outcome of a risk that results in the disappearance or reduction of value, usually in an unexpected or unpredictable way. In insurance, it refers to the amount of financial detriment caused by an insured person's death or an insured property's damage, for which the insurer becomes liable.

Examples:

  • If a car is damaged in an accident and its value decreases as a result, the difference between its original cost and its later selling price is considered a salvage loss.
  • If a house is destroyed in a fire and the insurance company pays out for the damage, the amount paid out is considered a salvage loss.

These examples illustrate how a salvage loss can occur when an unexpected event causes a decrease in value or financial detriment, resulting in a loss for the owner or insurer.

salvage charges | salvager

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 8 👎
Help us make LSD better!
Tell us what's important to you
babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
16:40
:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
16:43
New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
LSD+ is ad-free, with DMs, discounts, case briefs & more.