Salvage value

Term · Insurance and risk management · MLC-T-INS-003016

The estimated amount that damaged property would fetch if sold after a loss. When an owner keeps a total loss vehicle or other item, the insurer deducts this amount from the settlement; when the insurer takes the property, it sells it and recovers roughly this sum. It is separate from actual cash value, which is typically replacement cost less depreciation just before the loss.

Table 1. Record
Identifier	MLC-T-INS-003016
Field	Insurance and risk management
Subject	Businessowners Policy

Record as JSON

{
  "id": "MLC-T-INS-003016",
  "term": "Salvage value",
  "field": "Insurance and risk management",
  "definition": "The estimated amount that damaged property would fetch if sold after a loss. When an owner keeps a total loss vehicle or other item, the insurer deducts this amount from the settlement; when the insurer takes the property, it sells it and recovers roughly this sum. It is separate from actual cash value, which is typically replacement cost less depreciation just before the loss.",
  "subject": "Businessowners Policy",
  "url": "https://mlchart.com/terminology/insurance/salvage-value/"
}

Record 3,059 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.