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Absence of analysis of salvage disposed by Insurer
Saturday, December 26, 2009
Insurance companies do not keep track and records of salvage disposed of during the year, the percentage recoveries that they get out of salvage are not on record and no analysis is being done in this respect. Salvage disposal should be properly accounted for and should become a part of the Key Relevant Area (KRA) just like incoming premia and claims outgo are accounted for. Salvage is hard cash, so why not open up a salvage department just like other departments or may be outsource it to professional people who can become Insurers’ virtual salvage departments!
Posted By: SalvageSettlers Team |
