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Salvage means the act of rescuing or saving endangered property or goods. For example, the act of saving a building from loss or unnecessary damage due to a fire. Salvage may also be used to refer to a salvage award, a monetary compensation given to a person who helps to save the lives of the crew, the cargo, or the ship from fire, capture, or otherwise, without having the legal duty to do it.

[Last updated in July of 2021 by the Wex Definitions Team]