52,000 Metres of Water-Damaged Fabric in Faridabad
Summary
An estimated 52,000 metres of fabric had been partially
damaged due to inundation of a warehouse in Faridabad.
SalvageSettlers:
- Achieved a 14% price increase
- Identified an 8% shortfall in fabric
Results
Within 1 week, attracted a bid 14% higher than proposed by the sole potential buyer identified by the Adjusters in 3 months.
Process
Once appointed, SalvageSettlers quickly assessed the status of the salvage sale, concluding:
- For an insurance claim against 52,000m of water-damaged fabric, adjusters had located one potential buyer, over a period of 3 months
- The quantity of fabric was 48,000m, not 52,000m, a shortfall of 8%
SalvageSettlers followed its salvage process, focused on making a market for the fabric salvage:
- Promoted the salvage on the website and other popular sites
- Identified fabric markets and promoted the salvage there
- Promoted the fabric as a Diwali fabric, given the Diwali season was approaching
Client Benefits
SalvageSettlers handled the entire process successfully, from salvage settlement, disposal and lifting to final payment, saving the Insurer’s time and resource. SalvageSettlers delivered further benefits by:
- Improving the efficiency of the Adjusters
- Providing greater insight into salvage and its benefits for the Insured
- Delivering a final lifting report that enabled the Insurers to adjust the loss
- Disposing of the salvage at a higher price than accepted by the Adjuster
