Insurance Salvage
When certain property, such as vehicles or buildings, get damaged through an accident, fire or natural calamities, some insurance providers take over ownership of these properties after they pay for the claims that owners get for any insurance coverage for these items. The damaged properties are now classified as salvaged items, and the insurance company or provider has the option of selling these items as junk, or to third party companies that market salvage items. Some insurance companies hold auctions for insurance salvage properties.
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