salvage waiver

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08:00 May 9, 2018
English to Polish translations [PRO]
Bus/Financial - Business/Commerce (general)
English term or phrase: salvage waiver
ubezpieczenie kredytu kupieckiego

If XXX is asked to continue providing paid-for services to a client after the client went into administration, the claimant must contact the insurer (via our broker) and ask for a "salvage waiver".

A "salvage waiver" protects our insurance claim and ensures that any money received from trading with the "in administration client" is not allocated by the insurer against the oldest debt, which is typically part of the insurance claim.



PwC:
Knowing the terms of trade is fundamental – each insurer has its own agreement/policy. For instance, some insurers have a
‘salvage waiver’ clause in their policy, which means that if an ‘adverse event’ occurs, such as irregular payments, you may need to agree in advance any trading over the approval limit.
Failure to do so may have implications, including reducing the insurer’s liability and therefore your potential payout from the
insurer. For instance, the following scenario would result in a shortfall of £160,000 paid to the supplier.
kterelak
Poland
Local time: 08:45


Summary of answers provided
2 +1zrzeczenie sią prawa do pełnego odszkodowania
Frank Szmulowicz, Ph. D.


Discussion entries: 8





  

Answers


4 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
zrzeczenie sią prawa do pełnego odszkodowania


Explanation:
zrzeczenie sią prawa do pełnego odszkodowania (w przypadku transakcji handlowych powyzej uzgodnionej sumy) (ang. salvage waiver)

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Salvage
The portion of goods or property that has been saved or remains after some type of casualty, such as a fire.
https://legal-dictionary.thefreedictionary.com/salvage
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Waiver
The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished.
https://legal-dictionary.thefreedictionary.com/waiver

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https://www.pwc.co.uk/assets/pdf/credit-risk.pdf

Frank Szmulowicz, Ph. D.
United States
Local time: 02:45
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 720

Peer comments on this answer (and responses from the answerer)
agree  Roman Kozierkiewicz: Zrzekam się z prawa do punków na rzecz Franka - taki jestem wspaniałomyślny!!!
1 hr
  -> Dziękuję Romanie. Jesteś wspaniałomyślny i wspaniałomyślący.Serdecznie pozdrawiam.
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