There is clear evidence that a robust commercial salvage program can improve the overall claims process, but it requires a strategic shift in thinking when it comes to this often ignored area. The benefits of a more systematic approach to salvage include: increasing transparencies for claims and streamlining the overall process, capturing real-time data for better measurement and the mitigation of risk, and improving recovery on salvage assets.
The Perception of Salvage
Salvage is typically thought of for personal lines, however, salvage covers more than just automobiles. Commercial property salvage — whether it is niche assembly equipment, a piece of heavy equipment, or a warehouse filled with merchandise — presents an often-missed opportunity and has historically been a complicated loss to manage. Rather than treating each of these unique salvage items as a distinctive solution deserving of a program to manage the process, it is common for insurance companies to perceive the salvage as a typical loss and assign it to a local adjuster. This results in a lack of sight lines as the salvage becomes another task on a professional's already overburdened plate.
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