Domestic SteelSteel ClaimsSurplus steel

Salvor Steel purchased at a premium to scrap

By February 23, 2021No Comments
We Buy steel coil insurance claims

Damaged Steel Coils

The warehouse was 100,000 square feet and it held mostly steel coils. There were pallets of machinery and some bobcats in the corner but the warehousing of steel coils was the main purpose. It was just on the bank of the Mississippi River and the river was known to swell during snowmelt and heavy rainfall. There was a sump pump system that was more than capable of handling the overflow and dispersing of the water, keeping the coils dry and safe.

It was a temperature controlled warehouse as well. There was however no generator power. Right around Christmas of 2020 there was epic rainfall and the river swelled simultaneously knocking out local power. When it was all said and done 3 million pounds of galvanized steel coils had been entirely submerged in the muck. A near total loss for the name brand HVAC manufacturing company paying to house them there. This is where insurance companies come in to fix it.

Insurance companies are not in the business of buying and selling steel coils but they do want to get the best price for those coils. Usually they are put out in a bid and several companies will put numbers on the steel in an attempt to purchase the lot. Salvor’s are in the business of buying lots just like this one and they make their living doing it.

We are always interested in speaking with insurance companies in order to purchase their steel claims. If you are an insurance company that is trying to sell damaged steel coils please reach out to us here through the website and we would be happy to help.

Here are just a few of the companies that get involved with selling steel claims: