salvage rights

Definition of "salvage rights"
  1. The authority of an insurance company to sell or dispose of an item they've compensated for as a total loss
How to use "salvage rights" in a sentence
  1. After the fire, the insurance company exercised its salvage rights to dispose of the burnt furniture.
  2. The car, deemed a total loss after the accident, was sold off as part of the insurance company's salvage rights.
  3. Under salvage rights, the insurer auctioned off the storm-damaged yacht.

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