See the full video at https://youtu.be/-yh92QBQzL0  T the term "salvage" simply means used or damaged property that retains an asset value. It does not connect equipment that was useless or unable to use. [ G.J. Leasing, Co. v. Union Elec., 854 F. Supp. 539 (S.D.ll. 06/6/1994).]
Historically, courts have applied maritime law to salvage when ships or their cargo have been recovered from the seabed by others than their owners. Under this law, the original owners still retain their ownership interests in such property, even if the rescuers are entitled to a very liberal rescue price. Such awards often exceed the value of the services provided, and if no owner should come forward to claim the property, the savior is normally assigned his total value. When salvaging in general. [3AMNorris Benedict on Admiralty: The Law of Salvage (7th ed. Rev. 1991)].
Salvage is another fair remedy, such as subrogation, that the adjuster should never ignore. An insurance company that pays for a loss has the right to receive in equity the salvage it has paid for. If the rubbish is left to the insured to sell, he or she will receive more than the compensation prescribed when the insurance policy was received. Basically, by paying a claim, the insurer buys the salvage.
The adjuster should always protect any salvage and be sure that a rescue is about to take possession. By taking salvage, the adjuster helps to reduce the total amount of the loss without reducing the compensation the insured receives. But most first-party real estate policies today do not refer to the term "salvage." coverage, handling of insurance claims, unfaithful insurance and insurance fraud almost equally for insurers and policyholders. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance business. He is available at http://www.zalma.com and email@example.com.
Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.
For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their indemnity staff to become professionals in insurance claims.
https://zalma.com/zalmas-insurance-fraud-letter-2/ Last read two issues of ZIFL here.
Go to Barry Zalma videos on Rumble.com at https://rumble.com/c/c-262921  Read posts from Barry Zalma at https://parler.com/profile / Zalma / posts  Listen to the podcast: Zalma on insurance https://anchor.fm/dashboard/episodes Zalma on insurance
Go to Barry Zalma on YouTube – https://www.youtube.com/channel / UCysiZklEtxZsSF9DfC0Expg] / [1965900Gotoinsuranceclaimslibrary-https://zalmacom/blog/insurance-claims-library/
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