Rescue smart guy holding broken lav (7)

I believe the answer is:

salvage

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'rescue' is the definition.
(I know that salvage is a more specific form of rescue)

'smart guy holding broken lav' is the wordplay.
'smart guy' becomes 'sage' (I can't justify this - if you can you should believe this answer much more).
'holding' is an insertion indicator.
'broken' indicates anagramming the letters.
'lav' anagrammed gives 'alv'.
'sage' going around 'alv' is 'SALVAGE'.

Can you help me to learn more?

(Other definitions for salvage that I've seen before include "Rescue of property as from fire or flood" , "Rescued sunken cargo" , "Rescue, retrieve" , "Rescue (cargo) from wreck at sea" , "Rescued material" .)

I've seen this clue in The Independent.

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