Caribbid.com was inspired by the difficulties encountered during the 2017 Hurricane Irma claims in Dutch St. Maarten, when the majority of their salvages had to be disposed of in landfills, due to a lack of, or inability to find, buyers for them. The necessity to find a local and regional solution to that issue served as the impetus for its creation.
Salvage is a by-product of the insurance industry and a necessary component of the claims settlement process.
As more corporate and individual assets are underwritten, there stands a chance that these assets might be damaged to the degree that the insurance policy covering them results in the insurance company acquiring ownership. As a result, it is necessary to hire independent contractors who will be responsible for discovering the most practical and efficient ways to assist insurance companies in recovering the most value from said salvages.
Most salvage solutions operate on an analog basis, with radio and newspaper being the main avenues for marketing. Salvage sales continue to be conducted as they have been for several years. However, times have changed, and the way people now consume information has shifted from that analog process to a more digitized form of communication, where emails and social media are being utilized to aid with advertising. To fully realize the value of salvage sales, the process must be digitized. Caribbid.com is a site geared towards solving the salvage issues of the Caribbean through an online auctioning platform. This would allow for swift settlement of claims.