When an insurance company makes payment for lost or damaged property, the salvage belongs to?

When an insurance company makes payment for lost or damaged property, the salvage typically belongs to the insurance company. This is based on the principle of indemnity, which holds that the insured should not profit from an insurance claim but rather be restored to their original financial position prior to the loss. When the insurer pays for the loss, they assume ownership of any remaining property that can be salvaged and potentially resold. This allows the insurer to recover some of the costs associated with the claim and prevents duplication of benefits to the insured.

In practical terms, once the insurer compensates the policyholder for the loss, the rights to the salvage, which may include any remaining damaged items, transfer to the insurer. This process ensures that the property is handled properly and allows the insurance company to recoup its losses, which may not be the case if salvage rights were retained solely by the insured.