Definition

Noun

  • Payment made for saving or assisting a vessel in trouble, or saving her cargo.

Origin

17th century. From the Old French and Latin word salvare, meaning to save.

Comments

Salvage is usually a proportion of the value of the vessel or cargo that’s paid out by the vessel’s owner or the insurance company for saving it. The amount could be based on the labor and danger involved, as well as the prevailing weather. However, a crew cannot claim salvage for saving its own vessel. Advances in technology have also allowed the salvage of vessels and cargo that are already sunk.

References

Kemp, P. (1994). The Oxford Companion to Ships and the Sea. Oxford University Press.

Rogers, J.G. (1985). Origins of Sea Terms. Mystic Seaport.