noun

1. 1. the voluntary rescue of a ship or its cargo at sea from peril such as fire, shipwreck, capture, etc.
   2. compensation paid for such a rescue
   3. the ship or cargo so rescued
   4. the recovery of a sunken or wrecked ship or its cargo as by divers
2. 1. the saving or rescue of any goods, property, etc. from destruction, damage, or waste
   2. any material, goods, etc. thus saved and sold or put to use
   3. the value, or proceeds from the sale, of such goods, specif. of damaged goods, as involved in insurance claim settlements

Etymology: Fr < MFr < salver, to save

transitive verb salvaged -·vaged, salvaging -·vag·ing