2 0 0 5 E - F U S I O N A W A R D R E C I P I E N T
Special Coverage Management
SalvageSale, Inc.
Scott Richardson
The A.M. Best Co. presented SalvageSale, Inc. with the E-Fusion Award in the Special Coverage Management category at the 2005 A.M. Best Co. Insurance and Technology Conference in Philadelphia Oct. 18. The award recognizes innovation in insurance technology.
SalvageSale Inc., which specializes in helping businesses recover from insurance losses and catastrophes, has built an online auction site, www.salvagesale.com., to connect businesses with damaged goods --- such as boats, retail goods, and heavy equipment --- to potential buyers. SalvageSale, based in Houston, estimates that just 10% of commercial insurance salvaged materials make it to the open market. By expanding the market and number of potential buyers, SalvageSale has raised salvage proceeds by 50% to 100%, which ultimately reduces insurance claims and losses.
