The objective of the Valuation Committee is organized to define industry-wide standards to improve and streamline the Total Loss process, from the identification of the vehicle being a total loss through the final settlement with all appropriate parties, excluding the financial exchanges.
The Disposition Committee has included the salvage disposition process. The Total Loss process generally involves identification of the potential total loss, submission for valuation of the vehicle, receipt of the valuation, and settlement with the vehicle owner. Also included is the disposition of salvage and total loss reporting which will be coordinated with the Valuation Committee.
Traditionally, all communication between Insurance Companies, Information Providers, Adjustors (person who manages the claim settlement), Estimators (Appraisers, person who appraises damage and writes the estimate; staff, independent, body shop, etc.), Salvors, and Vehicle Owners (fleet, etc.) has been done via phone or fax, through websites, or through proprietary and non-proprietary interfaces.
CIECA’s alignment of Standards Development Committees to the CIECA Products, changed the name of Salvage Committee to Valuation Committee.