Real Dictionary

salvage
If something is salvaged, someone manages to save it, for example from a ship that has sunk, or from a building that has been damaged.
Salvage is the act of salvaging things from somewhere such as a damaged ship or building.

salvage in American English
the voluntary rescue of a ship or its cargo at sea from peril such as fire, shipwreck, capture, etc.
to save or rescue from shipwreck, fire, flood, etc.; engage or succeed in the salvage of (ships, goods, etc.)
noun: the act of saving a ship or its cargo from perils of the seas
transitive verb: to save from shipwreck, fire, etc.

salvage in British English
to save or rescue (goods or property) from fire, shipwreck, etc
noun: the act, process, or business of rescuing vessels or their cargoes from loss at sea

salvage in Insurance 1
noun: Salvage is the act of taking part in a successful rescue operation to save life or property at sea, or the money payable to someone who does this.

salvage in Insurance 2
noun: Salvage is the amount of money received by an insurer from the sale of damaged property on which a total loss has been paid to the insured.