Online Site Gets Top Price for Insurers' Steel Claims: Dubbed the "eBay for steel," SteelSalvor minimizes losses for marine and commercial insurers when they're left with rejected steel cargo.(SteelSalvor LLC)

Insurance Networking News: Executive Strategies for Technology Management,  July, 2005  by Rutkowski, Therese

Tags: cargo, eBay Inc.

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If the Norwegian luxury cruise ship that was struck by a 70-foot wave in mid-April had been carrying steel instead of people, the carrier insuring the ship's cargo would have been hit with a 25,000-ton claim.

That's according to Scott Shapiro, CEO of SteelSalvor LLC, a Narberth, Pa.-based firm that operates an online auction site for steel buyers and sellers.

Steel gets damaged very easily, says Shapiro. "It's heavy. It doesn't carry well. It doesn't age well. And it's susceptible to the atmosphere."

Furthermore, the steel industry is cyclical. When the economy is ...

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