Net salvage definition
Net salvage means the salvage value of property retired less the cost of removal.
Net salvage means, at any time, all recoveries actually paid to the Ceding Company in respect of specific Losses by way of salvage, subrogation, contribution or indemnity, except recoveries on any Inuring Reinsurance, net of the actual cost of obtaining such recoveries.
Net salvage means the proceeds, including proceeds of insurance, of property of the character of property additions not subject to a prior lien disposed of by the Company with- out deposit of such proceeds under this Indenture, less the costs incurred by the Company in connection with the recovery and removal of property of the character of property additions not subject to a prior lien disposed of by the Company, whether or not the proceeds thereof shall have been deposited under this Indenture.
Examples of Net salvage in a sentence
Net salvage, subrogation or any other recovery (after expenses) shall be used to reduce the loss and so much of such recovery shall be paid to the CORPORATION as will reduce the loss ultimately borne by the CORPORATION to what it would have been had the recovery preceded any payment of such loss by the CORPORATION.