2,800 MT of Water-Damaged Sugar
Summary
2,800 MT of sugar was water damaged due to an
inundation at a warehouse. Adjusters pronounced
the sugar a total loss - a large amount of sugar
had been completely submerged in water for more
than 2 weeks. SalvageSettlers:
- Post-inventory and inspection, suggested a 63% recovery
for the sugar (compared to 10% to 15% suggested by the
Adjusters)
- Identified a 400 MT shortfall of sugar
- Made a market for the sugar, creating competition and
optimizing the value of the sugar
Results
During the eAuction, bidding rose to an 87% recovery, much higher than the original 10% to 15% accepted by the Adjusters - and also higher than SalvageSettlers own assessment of 63%.
Process
On being appointed, SalvageSettlers:
- Immediately visited the site, assessing the damage and taking a complete inventory of the sugar.
- Promoted the salvage on the website and used viral marketing techniques to locate a buyer.
- Convinced the Insurer to hold an eAuction.
Client Benefits
SalvageSettlers handled the entire process successfully and delivered further benefits by:
- Achieving an 87% recovery as a result of market-making and the eAuction process.
- Identifying a 400 MT (4,000 bags) shortfall in the volume of sugar
