What is salvage?

Property or assets that have been damaged, lost, or considered a total loss

When an insured item, such as a vehicle, building, or piece of equipment, is damaged or destroyed due to an insured event (e.g., accident, fire, natural disaster), the insurance company may pay the policyholder for the loss. In return, the insurance company takes possession of the damaged or destroyed property, which is then referred to as "salvage."

Salvage items can vary widely in terms of their condition and value. Some insurance salvage items may be partially damaged but can still be repaired, refurbished, and resold. Others may be severely damaged or non-functional and have little or no value beyond scrap materials.

The insurance company typically attempts to recover a portion of the claim payout by selling salvage items through various means, such as salvage auctions, salvage yards, or private sales. The proceeds from the sale of salvage items help offset the cost of the insurance claim and minimize the financial impact on the insurance company.

Insurance salvage can include various types of property, including:

Field Specialty:

Claim planning and process coordination 

Consistent service standards 

Expansive Buyer Network

Rapid intervention and response 

Available to clients 24/7

Serving the Salvage market:

Cargo Damage, Derailments, Temperature, Fire, Theft, Shortages and Overages

Time Sensitive Freight, Perishables

Catastrophe – Transportation, Mother Nature (tornado’s, hurricane’s, flooding)