We see it all as salvage food brokers, and that includes large-scale inventory loss due to unanticipated forces of nature like fires, floods, and earthquakes. Losses of these kind, where inventory may be all or, more often, partially damaged, are a very common issue that any company can experience. Working with salvage insurance however—and maximizing recouped profit—isn’t always a cut and dry process.
In its most basic definition, salvage is about mitigating property losses. How this happens depends first on what direction a company decides to take with their insurance. Market conditions and the extenuating circumstances around the loss play a large role in determining which scenario takes place, but it’s usually goes one of three ways:
- Salvage is turned over to the insurance provider. In this scenario, the insurance provider pays out all or some of a company’s policy limit and takes ownership of the damaged inventory. From there, the insurance provider may take their own efforts to work with salvage food suppliers and achieve some profit out of the damaged goods. In this case, Marvell Foods can be of assistance.
- Salvage is retained by the company. Some companies decide to work directly with salvage food distributors and suppliers themselves in an attempt to maximize profit potential. In this scenario, companies are paid out a portion of their policy limit (whatever the total is less the assumed value of the damaged goods) and then tasked with salvaging the inventory. Here too, Marvell Foods can be of service, and especially so since depending upon a company’s policy, deductibles, etc. the company might have out-of-pocket; in this scenario, securing as much revenue as possible from the damaged goods is clearly optimal. Marvell Foods strives to meet these goals.
- Salvage is managed in an underinsured loss. Not all insurance policies sufficiently cover large-scale inventory losses. In this case, a company will take what they can get out of their policy and then work on salvaging the items themselves.
What’s clear is that salvaging damages from a loss, while common, does not always present a clear path to relief. In addition to the necessity of navigating claims with insurance providers, companies also must tackle the difficult job of providing an accurate value to their damaged goods—and finding a buyer for them. Once again, Marvell Foods, as a specialist in this arena, handing an incredibly wide array of products, especially “frozen and cold storage items” which are subject to a host of issues in claims such as these, can be of enormous and extremely timely assistance.
Marvell to the Rescue
As a professional salvage dealer, Marvell is the missing link in helping companies to get the most from damaged, but still potentially marketable goods. We aggressively explore all opportunities to help food manufacturers, processors, and producers achieve the best return possible on damaged goods no longer destined for their original buyer. The assistance of Marvell Foods can, and often does, make a dramatic difference in helping companies reduce their losses and move on from a large-scale claim.
Our extensive global network of buyers provides our clients the unique opportunity to take advantage of an uncommon, but a wide array of options when dealing with salvage and insurance claim products. If your company is facing serious inventory loss due to some extreme, rare, bizarre set of circumstances, including any sort of accident, our team of experts are here to provide immediate assistance while seeking to help you recoup as much money as possible.