What is the term for property that remains after an insured property is not totally destroyed or lost?

The term for property that remains after an insured property is not totally destroyed or lost is "salvage." In the context of insurance, salvage refers to the portion of the property that can still be recovered, repaired, or reused after a loss event, such as a fire or accident. Salvage plays a critical role in determining the overall loss and can often be sold or otherwise utilized to offset the total loss incurred by the insured. Insurance policies may have specific provisions regarding how salvage is handled, particularly in relation to loss settlements, which can affect the amount payable to the insured.

Scrap typically refers to waste material or discarded items that may not have significant value. Residual generally describes what is left over or remaining after a process, but it is not a common term specifically used in insurance for this context. Debris usually indicates the scattered pieces or remains of something that has been damaged or destroyed, but it does not necessarily imply that the items can be salvaged or reused. This distinction is essential in understanding claims and valuation within property insurance.