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Let us discuss two Case Studies based on actual assignments
accomplished as a Salvage Manager by my Company:
Case Study I (Salvage Optimization): Fabric Damaged due to
Inundation at a warehouse in Faridabad under Standard Fire and Special
Perils Policy.
Facts of the case:
As reported to us, 52000 meter fabric and packing material of the
Insured got water damaged due to Inundation in their warehouse at
Faridabad (Haryana)
Adjusters had procured quotation from one proposed buyer over a period
of around 3 months
Insurers chose to avail our salvage valuation optimization service
Quotations already with Insurers through Adjusters were submitted to
us
Claim Value was around INR 30 Lacs
Our Response:
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Step 1: |
The salvage market maker immediately, based on details furnished
by the Insurers and Adjusters, displayed the salvage on our
website that in turn is being marketed on the net through
Google.com, Tradeindia.com, Tendercircle.com, Bimabazaar.com
etc.
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Step 2: |
It was planned as to in which areas the said material would find
market and those areas were specifically targeted throughout
NCR, Haryana, Punjab and U.P. |
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Step 3: |
Proper thought was given to the season in which the said
material could find best market and where. It was ultimately
decided that since Deepawali was nearby, the material would be
marketed and sold in the festive season of Deepawali as the
sales of fabric and packing material shoot up during that
period. |
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Step 4: |
Our team started marketing it in and around NCR region through
door-to-door marketing based on samples collected. |
The Result:
It took us around one week to get the salvage settled for INR 8.68
Lacs against the highest quotation of the Insurers of INR 7.63 Lacs, a
Net Gain of INR 1.05 Lacs
The buyer was procured from Panipat (Haryana) through our website
We further negotiated the amount with the buyers already on record
as per quotation submitted by the Adjusters
The same buyer who earlier quoted INR 7.63 Lacs now quoted INR 8.00
Lacs, but still lower than our buyer
We also negotiated with the Insured and gave chance to them to
accept the material at a value higher than INR 8.68 Lacs, but no
interest was shown
FINAL RESULT:
The salvage was sold to the buyer procured by us
During our supervision of actual lifting of the fabric salvage,
total 4000 meter fabric was found short and actual lifting was
effected for only 48000 meter as against 52000 meter
shown in
Adjusters inventory
Conclusions:
Case Study I- Monetary benefit to the Insurers:
Salvage value increased by INR 1.05 Lacs
Apart from decrease in Loss Assessed by salvage amount, it further got
decreased by the value of 4000 meter fabric that was found short,
valuing around INR 2.00 Lacs
Case Study I- Benefit in terms of Claims Management
We took care of salvage settlement, disposal, lifting and final
payment to the Insured saving much precious time of the Insurers
Based on our final lifting report, Insurers adjusted the loss
Got regular feedback from our side regarding the status of salvage
settlement and disposal
Satisfaction of having the salvage disposed of at the optimum value
Insured gets educated about the matter of salvage
Adjusters get an extended hand to improve their efficiency as regards
salvage management
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