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1 a : compensation paid for saving a ship or its cargo from the perils of the sea or for recovering it from an actual loss (as in a shipwreck)
b : the act of saving or rescuing a ship or its cargo
c : the act of saving or rescuing property in danger (as from fire)
2 a : property saved from destruction (as in a wreck or fire)
b : damaged property acquired by an insurer after payment for the loss compare abandonment
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.