SalvageSale receives E-Fusion Award for specialty coverage management.SalvageSale Inc. has received the A.M. Best Co. E-Fusion Award in the category of Specialty Coverage Management for its www.salvagesale.com Web site. The Houston-based company, which specializes in helping businesses recover from insurance losses and catastrophes, has built an online auction site to connect sellers of damaged goods-such as heavy equipment, retail goods and commodities such as steel and paper--to potential buyers. SalvageSale estimates that just 10% of commercial insurance salvaged materials makes it to the open market. "The way insurers used to handle salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. claims didn't allow them to maximize return. Often an adjuster would make a few calls to try to get rid of a million-dollar piece of equipment, not putting it into a competitive market," said Scott Richardson Scott Andrew Richardson (born September 5, 1977 in Oldham, Lancashire) is a first class cricketer who played 13 first class matches for Yorkshire County Cricket Club between 2000 and 2003. He also played 1 List A one day game in 2002. , director of business solutions. "We analyzed the market and saw an opportunity to use the benefits of the Internet and business-based processes to take salvage goods to the next level," Richardson said. The Web site is doing just that by expanding the market and the number of potential buyers. The result: Salvage proceeds have been raised by 50% to 100%, which ultimately reduces insurance claims and losses. Otherwise, many companies opt to simply destroy the salvage or leave it with the insured rather than seeking fait market value. Instead, SalvageSale offers customizable solutions for branded and labeled products, as the salvage value Salvage Value The estimated value that an asset will realize upon its sale at the end of its useful life. Notes: For example, the value of a computer after it depreciates over the number of years specified by the IRS. of such damaged property is determined after removal of the brand, Richardson said. The online arena also opens up the market to a global buyer base of more than 70,000 buyer registrations in more than 140 countries compared to traditional selling methods involving few local bidders. The three other finalists were: Darwin Professional Underwriters Inc., Farmington, Conn., developed its special-coverage underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. platform called "(i-bind)."The Web platform allows speciality-coverage producers to quote and bind new accounts; issue, review and request account information; serve accounts with midterm mid·term n. 1. The middle of an academic term or a political term of office. 2. a. An examination given at the middle of a school or college term. b. midterms A series of such examinations. changes; and manage their books of business. It streamlines the speciality-insurance transaction process by reducing the application cycle from months to days, and even hours. Using the platform, producers are able to complete the application online and instantly receive a bindable quote for qualifying risks. Once the quote is offered, binding the account takes just seconds. Frisco, Texas-based Skywire Software and Gresham & Associate, Stockbridge, Ga., have established an agency management system--"Policyware." The Web-based agency management system is for managing general agencies and excess and surplus lines brokers. Policyware has increased productivity and reduced error and omissions exposure at the agency/broker and company levels. Westfield Insurance Westfield Insurance, the primary subsidiary of Westfield Group, is a multi-line provider of business property & liability insurance, personal lines insurance (including auto, homeowner's and specialty), agribusiness insurance, and surety bonds. of Westfield Center, Ohio Westfield Center is a village in Medina County, Ohio, United States. The population was 1,054 at the 2000 census. It was founded in 1826, under the name of "LeRoy." Despite the community's small size, it is the home of Westfield Insurance, the largest employer in Medina County. , has developed its Westfield Online Farm System, an Internet-based policy processing system for the niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. of agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. . The system allows independent agents to enter, quote, rate, submit for issuance and endorse farm policies. Agents also may print a copy of the policy to obtain the insured's signature and for record-keeping purposes, and they can identify their renewals online, allowing them to hyperlink to the policies and to make changes to the renewal quotes before the policy is automatically issued. Westfield underwriters also can enter, quote, rate, underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. , issue, endorse, cancel, re-instate and renew policies on the same system. And underwriters can approve or reject a policy. |
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