Common use of Ownership of Salvage Clause in Contracts

Ownership of Salvage. We shall have ownership and the right to possession of all Salvages and other recoveries from Claims on the Covered Asset. All Salvage shall be Our property where replacement of the Covered Asset or a part thereof is necessitated, and We shall not be liable to return such Covered Asset to You or any Customer, unless otherwise agreed to and specified in the Schedule.

Ownership of Salvage. We shall have ownership and the right to possession of all Salvages and other recoveries from Claims on claims, if applicable and specified in the Policy Schedule for the Covered AssetLoss. All Salvage shall be Our property where replacement of the Covered Asset or a part thereof is necessitated, and We shall not be liable to return such Covered Asset property to You or any Customer, unless otherwise agreed to and specified in the Policy Schedule.