The Salvage Community-by SalvageSettlers.com

Is Salvage Management the Right Career for You?

Salvage Management Team — Wed, 21 Oct 2009 07:43:35 +0000

In this fast paced world it only takes a minute for your supposedly safe career to crash and you to end up jobless. It wasn’t until the global financial meltdown last year that we fully realized this. Now we see how quickly those on top can fall to the bottom and this realization has put a whole new spotlight on the true recession-proof careers out there. Careers like those in the salvage industry.
But just because salvage and salvage management offer you stable career opportunities even in the midst of an economic downturn doesn’t mean they are the right career path for you. Here are just a few of the different choices within the salvage field for employment:
Salvor: As a salvor, you must be intimately familiar with the insurance industry, be creative, have a good eye for reusable materials and be well-versed in the basic workings of many industries. Salvors must be able to find salvage out of junk, affix a proper fair market value to it and coordinate its care.
Auction Coordinator: As an auction coordinator, you would be responsible for taking pictures of the salvage and posting them on an online auction site, writing a description of the salvage that creates the opportunity for transparency in the transaction and get the word out about the auction.
Salvage Specialist: As the salvage specialist, you are charged with the responsibility of transferring titles from the old owner to the new owner based on local laws and regulations. Salvage specialists handle all paperwork associated with the transfer and make sure it is done correctly.
Salvage Engineer: As a salvage engineer, you must test the stability and assess the extent of damage of the salvage. Your job is to ensure that it is safe to use in the future.

Selling Salvage Online

Salvage Management Team — Tue, 29 Sep 2009 05:41:29 +0000

The internet has introduced many improvements into our lives. One of the most important is our increased ability to access the products and experiences of people living far outside our normal social and societal circles. The concept of the more accessible distance between you and the varied people, products and websites that you can find on the internet is called Reach , and it’s something that can help you when selling your salvage.

Consider the reach you have in your society. If you put your salvage outside your company’s door and added a price tag to it, your reach would be anyone who normally or occasionally passes through your area. Your actual reach in terms of selling the salvage is further reduced when you consider the number of those passers by who:

a. can see the value in the salvage and know how they can utilize it
b. can afford the price you affixed to it

As you can imagine, these limits severely reduce the likelihood that you will sell your salvage. If you put signs out on other streets or take an ad out in a local newspaper, you can extend your reach but it is still limited by the amount of people you reach who can use and afford the salvage. There is also one additional problem—do those people have the ability to walk, drive, or hire a ride to your salvage.

No matter how you look at it, these limit your ability to sell your salvage—and they definitely limit the likelihood that you will get a buyer at fair market value. The internet, however, does nothing but increase reach and further target the potential buyers who are reached out to.

Maximizing Recovery

Salvage Management Team — Tue, 29 Sep 2009 05:40:33 +0000

It is universally agreed that waste is irresponsible. If you had a bag of perfectly good apples and you threw them in the nearest garbage bin you would face scorn, as well as a possible chastising, from those who witnessed your action. The same is true if you are not maximizing your claims recovery by selling the salvage you acquire. It is like throwing away perfectly good apples for no apparent reason.

Maximizing Recovery through Salvage Selling

Companies all over have a need for the salvaged goods that you have stored. While these items may no longer be usable for the purpose they were originally intended for, they may still be usable when repurposed or reduced to scrap. When you sell your salvage for fair market value to a buyer who can use the items and is happy to get a discount on them, you are creating a return where once there was a loss.

Maximizing Recovery through Timely Salvage Selling

Money works for you in many different ways. When you use the money you have today to reduce your debt, it not only increases your net worth but it also reduces the amount of money you spend on interest for your debt. When you use money you have today to buy stock or save, you gain earnings, profit or interest on it. Salvage sitting unused and unsold is becoming less and less valuable to you, since the dollars it represents are not being used to pay debt or earn interest. Selling your salvage today gives you a liquid asset to invest or pay debt with.
Not only does the sale of salvage bring in additional funds that go directly to your company’s bottom line, but the timely sale of salvage can create an impact in your budget, your debt and your interest immediately

Absence of analysis of salvage disposed by Insurers during the Financial Year.

Salvage Management Team — Sat, 26 Sep 2009 03:16:08 +0000

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!

The Salvage Management Journal

Salvage Management Team — Fri, 11 Sep 2009 05:29:46 +0000

View this document on Scribd

Can Insureds take benefit of online auction of salvage?

Salvage Management Team — Mon, 07 Sep 2009 13:17:11 +0000

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.

Absence of analysis of salvage disposed by Insurers during the Financial Year

Salvage Management Team — Mon, 07 Sep 2009 13:14:26 +0000

From a pin to airplane, to a single salvage intermediary?

Salvage Management Team — Mon, 07 Sep 2009 13:13:26 +0000

This is what happens when an adjuster uses the same old guy for salvage disposal whatever may be the commodity. When at home, even when we need to sell something like an old T.V., we try to find out a T.V. dealer so that we can fetch a reasonable amount, but when it comes to insurance salvage, anyone works?? For a heart ache, go to a dentist?? People are earning upto 300% margin from the salvages bought from insurance companies as intermediaries just due to lack of proper salvage management. We need to religiously follow salvage management right from the lowest level to the topmost. Leaders of the industry need to be a part of this change.

Salvage Management- Need of the hour

Salvage Management Team — Fri, 04 Sep 2009 07:09:26 +0000

Pravartak Magazine, “Selling Non-Motor Insurance Salvage” , July 2009

A ‘Claim’ by an Insured is the ultimate reality for any Insurer and when a disaster befalls their client there’s only so much they can do to help. In any claim settlement activity, be it fire, earthquake, flood or marine, there is always some property that is saved either in sound condition or partially damaged condition. This saved property is called ‘Salvage’. As per dictionary, one of the meanings of the term ‘Salvage’ is ‘something saved from destruction or waste and put to further use’. Salvage goods typically result from circumstances of accident, distress, or theft and may be heavily discounted according to their condition. Nevertheless, they are goods that retain some market value—usually from 25% to 35% of the insurance claim value or 40-60% in the case of theft recoveries. Salvage can take form of, say, water affected paper, fire affected rubber, air-contaminated chemical, damaged steel generated from a collapsed building and so on. Therefore, although there is no exhaustive list, but salvage may include various industrial or household goods (including motor vehicles) that have incurred some kind of damage / depreciation in their market value due to operation of some peril that was insured for under the subject insurance policy.

To read more click here…..

Salvage Management featured in the Dare Magazine

Salvage Management Team — Fri, 04 Sep 2009 06:42:33 +0000

Dare Magazine, “Selling Insurance Salvage”,January 2009

With general insurance companies now outsourcing the sale of salvage, the business is set to boom in the coming years.

When fire gutted a paint manufacturing factory in Ghaziabad in October 2007, all that remained of the facility was 200 metric tonnes of iron and steel scrap fit to be sold at a dirt cheap rate.

The insurer of the factory – IFFCO-TOKIO General Insurance – decided to put the scrap on sale. As normal practice, the company-appointed surveyor would double up as a salvage manager to rope in suitable buyers for the scrap and sell the commodity at whatever price he would get within a short span.

To read more click here…..