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The current market for steel is tough worldwide, and insurance companies that deal with damage claims in this area are really feeling the pinch. Steel can be damaged easily in transportation — either by way of marine, train, or truck — or while in storage at a warehouse that experiences a catastrophe, such as a fire or flood. In addition to these vulnerabilities, the price of steel is in flux, and in order to be fiscally responsible, insurance companies need to find value in the damaged goods that they insure by reselling them.

The Old Way

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