salvage

Salvage refers to the act of recovering property that is in danger of loss or has been damaged, especially ships and cargo at sea. The term is used in maritime law and also in general contexts such as recovery of wrecks, and in insurance and accounting.

In maritime law, a salvor who voluntarily aids in saving a vessel or its cargo can be entitled to a salvage award if the effort succeeds. The award is based on factors including the value of the property saved, the degree of danger, the equipment and skills used, the promptness of response, and the risk incurred. The classic principle is no cure, no pay—reward is owed only if the property is saved.

There are two main forms of maritime salvage: pure salvage, which is a voluntary undertaking without a preexisting contract, and contract salvage, where the salvor is engaged under a salvage contract that fixes compensation in advance.

Awards are typically determined by the courts of admiralty or by arbitration and may be subject to reduction in some jurisdictions. Salvage can apply to ships and cargo but also to wrecks and underwater objects, and laws govern who may claim salvage rights and when salvage operations may be conducted.

Outside maritime law, salvage also refers to the recovery of damaged or discarded property for its residual value, known as salvage value, which factors into insurance settlements, accounting, and asset disposal. Salvage yards and recycling operators collect and resell salvaged materials. In archaeology and cultural heritage, salvage may describe the rescue and recovery of submerged artifacts before they deteriorate further, subject to legal protections.