Case Background

The dumper with the underlying value of about 400,000 RMB was transported by rail and sea from Tianjin New Harbor, China to the Peru project site. On October 10th, 2021, a traffic accident occurred when the dumper was transported by rail from the unloading port to the insured project site, and it fell into a deep ditch on the roadside and was damaged.

Inspection Situation

Our company conducted a site survey on the dumper on October 21st, 2021, finding that the vehicle cab was severely damaged and deformed. The front axle of the vehicle, the left guard, the rear bumper, and other parts were bent and deformed. According to the degree of damage and local repair level, we were inclined to think that dumper was difficult to repair locally.

Solution

Since the dumper was seriously damaged and the local maintenance level was limited, the repair cost would be very expensive even if there was a chance. So our company believed that it was more economical to obtain the salvage value of the dumper with constructive total loss. Through the inquiry in the local market, our company obtained a salvage quotation of about 200,000 RMB. However, in the process of salvage value processing, according to the local vehicle sales policy, the insured needed to pay additional taxes to apply for the license plate before the transfer formalities. Due to the high taxes and fees, the insured refused to cooperate to pay. In order to solve this dispute, our company found a way to notarize the transfer formalities and avoid the issue of tax payment. In the end, it only cost less than $200 to help the insurer and the insured successfully facilitate the salvage value transaction.

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