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

The Old Way

When a steel shipment is rejected by a buyer, insurancecompanies typically are stuck with the bill. The insured must callin a surveyor to validate the claim, and, once the cause of damagehas been established, the surveyor tries to obtain the highestdollar amount possible for the damaged goods for the benefit of theinsured and the insurance company. More often than not, theinsurance company is taken advantage of, largely due to thesurveyor's inability to widely market the damaged goods.