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Can Insureds take benefit of online auction of sal
Monday, September 07, 2009
Where Insureds retain salvage, they can also go for Salvage Management to fetch better prices and make up the difference between loss assessed by insurers and actual replacement cost of the lost asset.
Insured individuals who find themselves saddled with salvage will often be stuck with storage and other fees while their salvage sits, compounded and possibly deteriorating and losing potential market
value. These individuals can find salvors locally and ask that they value the salvage and sell it, but since they are unfamiliar with the world of salvage, they often don’t know to do this.
Most individuals will not exercise their right to retain their salvage simply because they do not know what to do with it or how to get any value from it. This is helpful to businesses that pay claims on damaged goods because it gives them the ability to offset some of those claims they are forced to pay. Educated consumers who do exercise their salvage retention rights will soon find that selling their salvage, especially in an online auction format, helps them make up the difference between the assessed value paid by their insurance company and the cost of replacing the damaged goods.
Posted By: Salvage Management Team |
