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 ROLE OF A SALVOR CHOOSING A VENDOR Remember the choice of a vendor is your! Their performance will have a direct reflection on management’s perception of your judgement and reputation. The three most important factors when selecting a vendor or any expert for that matter are experience, reliability, and trust. The best way to determine if you need a Salvor is to call 1-800-RECOVER BENEFITS OF USING A SALVOR In addition to freeing the adjuster up to handle other portions of the claim or other claim assignments the salvor brings an expertise to the Loss. It is recommended that a joint inventory be conducted with the Insured or their representative whenever possible. The insured’s computerized inventory or one prepared by an independent inventory vendor on a quarterly basis can have inaccuracies mostly due to stock imbalances. The Salvor can provide an accurate inventory, minimize the loss payment, maximize net returns on salvage sales, and help bring The claim to a swift conclusion. THE LOSS Upon receipt of the loss notice the claim handler, adjuster or supervisor begins to formulate an opinion about the claim based on the reported facts types of peril, location of loss, contact, insured or public adjuster, extent of damage, coverage’s and exclusions. Once the initial inspection has been performed that opinion becomes the basis for acceptance of liability or reservation of rights, setting a reserve, recognizing coinsurance problems, or if a specific expert will be needed to assist in settlement of the claim. The adjuster may elect to have an expert accompany them on the inspection to help ascertain the extent of damages. If the loss involves damages to stock the adjuster will estimate the damages, if minimal they may handle the stock loss themselves. If extensive or the insured and/or their public adjuster insist they are extensive, then a Salvor should be brought in immediately to mitigae the stock loss being claimed. SALVORS FUNCTION Inventory Services Verification of Values Adhere to Policy Coverage’s and Conditions Selling of Damaged Stocks Loss and Damage Reports Expert Testimony Salvage Bid | Return Home | What's New | Events Schedule | Our Services | Role of a Salvor | Great Links | FAQ Page | Contact Us | Download Page | |
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