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TeachMeFinance.com - explain Salvage Salvage -- 1. Compensation paid for the rescue of a ship, its cargo or passengers from the perils of the sea; 2. or, the act of saving a ship or its cargo from possible loss; 3. or, property saved from a wreck or fire. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.