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Salvage 101: What You Need to Know

Salvage is typically thought of for personal lines; however, salvage covers much more than just automobiles. There are varying examples of what salvage can look like; an old crane with a damaged boom, an informational sign struck by a vehicle, or a previously driven dump truck. From niche assembly equipment, heavy equipment, to a warehouse filled with damaged merchandise; if no salvage strategy exists, then each salvage item presents a missed opportunity.

In a recent feature article in Claims Magazine entitled “Salvage 101: What You Need to Know,” we provide a guide for how companies can better manage salvage assets and recover more value.

There is an enormous opportunity in salvage to benefit your business, but it’s important to implement best practices.

  • When you start your salvage process at the beginning of the claim, understand the salvage market particular to the asset(s).
  • Sell your salvage items via an established online marketplace
  • Account for compliance throughout the process to mitigate risks
  • Seek an experienced partner to improve recovery
  • Establish specific KPIs to measure ongoing performance against goals

Beyond these tips, it’s important to embrace best practices that do more than create a better process; embrace best practices that generate measurable results to drive value for the bottom line and the overall business strategy.

Regardless of the salvage situation, it is important to design a solution that works for the business and delivers on key goals. By thinking strategically about salvage and rolling out a consistent, uniform process that encourages the development of specialized solutions for niche salvage assets, organizations will experience measurable improvements in their results.

In today’s world, insurers need a strategic and comprehensive commercial salvage program to compete. With Liquidity Services’ experience in managing, valuing, and selling surplus assets, organizations can extract real value. To read the full article in Claims magazine, visit our News & Press page.