An auction is announced via notification email and SMS, indicating insurance client disposing off its salvage assets, auction date and time, and applicable terms and conditions.
Usually, an Upcoming Auction is announced more than 1 week in advance, to allow for viewing of assets, and making necessary arrangements for bid security deposit.
Notification email also provides link to Upcoming Auction page which lists catalogue of offered auction assets. Bidders are required to login to their accounts to view additional asset
Terms and Condition
Assets are sold on an ‘as-is, where-is’ basis. It is therefore recommended that bidders make arrangements to view assets, ahead of auction date/time;
Some auctions are conducted ‘inclusive of storage charges’ meaning bidder is not required to pay storage charges, provided asset is collected within stipulated period after the auction run;
Some auctions are conducted ‘exclusive of storage charges’ meaning bidder is required to pay storage charges for the asset prior to its release. Bidders are recommended to obtain estimate of storage charges when viewing assets, prior to an auction run;
Bidders are required to prepare and submit their bid security deposit in the required form, prior to auction start. Bid security deposit may be in the form of a banker’s cheque (in the name of insurance company, value to be communicated for each auction) or mobile money deposit (designated paybill/account name to be provided);
At the close of an auction, winning bidders will receive award letters, outlining their auction liability, any applicable deduction, and settlement duration;
For mobile money bid security deposit, you are required to upload your payment confirmation (receipt and release letter to your eAuction account) to facilitate processing of your bid security deposit refund;
Bidders who successfully bid for more than one vehicle will have to pay the full purchase price for all vehicles bided for before any of them is released;
Failure to settle your net auction liability, in full, within stipulated timelines, will be considered as a default resulting in forfeiture of your bid security deposit. Further sanctions will apply, including, but not limited to suspension of your bidding account for a period of 6 months; and in the event of no auction win, you will receive a communication advising on collection of your bid security deposit. In the event of banker’s cheque bid security deposit, print this communication and provide necessary proof of identity when collecting your banker’s cheque. For mobile money bid security deposit, your refund will be processed automatically into your mobile wallet.