Salvaging/Purchasing a storm damaged charter boat

[Lake-Effect]

Originally Posted by Scout 30

I agree that attempting to personally "salvage" one of these vessels is foolish but I don't agree that purchasing one that has already been salvaged only profits the dentist in the US or makes one a "vulture". These are insured charter vessels so the dentist will already be made whole. Repairing these vessels will infuse money into the economy in the form of jobs & materials just like repairing the homes will. This is not a knock on charity which is certainly necessary in these times. I just think the knee jerk reaction to vilify the OP for asking the question is wrong.

I don't disagree, basically. It's the tiniest bit tasteless to ask it NOW though, isn't it? The hurricanes aren't done, the dead aren't buried, the hungry haven't been fed, the homeless aren't housed...

Besides, if folks can wait just 4 days, they might just score that sweet, sweet salvage deal right in the US! Think of the savings from not having to fly to some damp, demolished island! /sarcasm

[Mithril Bham]

All moral issues aside I have done business in the BVI and it is a nightmare. No place on earth have I found the red tape and bureaucracy more complicated and obstructive. Yes, I have even done biz in France. If you think you can go down and pick up a deal I would think again.
I am afraid that there are vultures in circumstances like this who give honest people a bad name. No matter what your good intentions you will be perceived by the locals as someone who is trying to take advantage of them during a crisis.

[ranchero76]

While I feel sorry for all these affected (locals, boat owners etc.), OP still makes sense (at least, from environmental point of view). As everyone agrees, almost all boats are damaged, most have water in them even if they didn't sink. Right now they became danger for environment. Every additional day gets them closer to condition "beyond repair at any cost within reason". Let say right now there might be catamaran which "only" needs few hundreds of thousands $ to repair it. In a few days repair cost most likely will be "many hundreds of thousands of $".
It's safe to say that right now there's no any ability on the island to deal with them, all marinas are destroyed just as everything else. Besides, people's safety is the priority, not "rich people toys".
So, most likely all these boats (which somewhat "survived") - thousands of them! - will be damaged by salt water to beyond repair condition indeed, will become even bigger danger for environment and huge head ache for locals (in addition to all other head aches they have to deal with). Imagine removing and disposing them.

And unfortunately, that's what will most likely happen. As other people stated, these boats still belong to their owners, most of these owners very unlikely will come to their boats anytime soon, and from my understanding, until they actually will find out what happened to their particular boat, insurance company won't do anything. In the meanwhile these boats will be finally destroyed by salt water.
The only possibility to buy boat there right now - from owner, if boat was not insured.

[hellosailor]

"1. Can an American go to the BVI and attempt to salvage a storm damaged vessel? "
Sure ya can.

Now stop and consider, the BRITISH VI are governed by the Crown. Not international law, not US law, but THE CROWN.

And any wrecks you think you are touching there, will be governed by their laws. Which are not the same as the US or other parts of the world.

The good news being that Crown prisons are considerably finer accommodations than those in many other jurisdictions! And you won't need a translator to understand the judge.

[barnakiel]

I know one person who bought such a boat for 1USD.

They will be still around if you go there in the winter - liquidation of write-offs takes a while.

If you do not buy one, it will be scrapped.

Cheers,
b.

[ranchero76]

Originally Posted by barnakiel

I know one person who bought such a boat for 1USD.

They will be still around if you go there in the winter - liquidation of write-offs takes a while.

If you do not buy one, it will be scrapped.

Cheers,
b.

Imagine water in engines, interior for a few months...It will be very expensive purchase at $1 by then, unfortunately.

[puffcard]

BoatUS using these guys to sell salvaged boats. Buying a boat that needs to be salvage, is a very different thing and I wouldn't try it in BVIs. I worked for a salvage company for several years and bought a couple boats for a $1. One reason I was able to buy a sunken boat so cheap, is the huge liability to the insurance companies. Things like a fuel spill, which could easily be a fine up to $50-100K or the boat damaging other boats or docks. When does that liability get transferred to you, the new owner of this fine vessel. I was working out of my area with a ton of resources, pumps, oil booms, airbags, and friends with tugs & crane barges. Unless you done this before, DON'T. In salvage, like Murphy's law, what can go wrong will. The boats that aren't sunk and in movable shape will not be as cheap as you may think. The insurance company will try to recoup as much as they can. The cheap ones are at the bottom of the pile.

Certified Sales Inc - Liquidation Sales

YachtSalvage.com - used boat sales

[parkerfilms]

Originally Posted by Scout 30

Don't be so quick to judge. Although counter-intuitive I believe economists would agree that purchasing one of these damaged boats would have a beneficial impact on the local economy by infusing money where it's needed. Here's another counter-intuitive thought from economists: price gouging is actually beneficial. What we've seen with Harvey & what I've witnessed firsthand in the last couple of days is that when prices are kept artificially low people take more than they need so many end up doing without. When prices are allowed to naturally react to supply & demand this is not the case. When the prices get too high & people can't afford an item it's not bought so the price will naturally come down.

Only "Austrian School" supply side economists would think "gouging" is somehow good for the local economy. Calling these people vultures is an insult to vultures.

[Valmika]

Originally Posted by magellanyachts

All moral issues aside I have done business in the BVI and it is a nightmare. No place on earth have I found the red tape and bureaucracy more complicated and obstructive. Yes, I have even done biz in France. If you think you can go down and pick up a deal I would think again.
I am afraid that there are vultures in circumstances like this who give honest people a bad name. No matter what your good intentions you will be perceived by the locals as someone who is trying to take advantage of them during a crisis.

France maybe, but have you done business in CALIFORNIA?

[Bay Breeze]

Really doubt many locals own these charter boats - maybe the marinas are locally owned and local people, now out of work, are employed by the charter companies, but I understood that the boats in the fleets are owned by investors scattered around the US. - Getting a "deal" on a damaged boat while local people are suffering and desperate, with pending peril with hurricane Jose'? Really? Perhaps looters are really helping rebuild the local economy by creating demand for replacements? Perhaps desperate people would deeply discount their national patrimony for some food, water, or medicine?

C'mon - find a way to donate or help - or at least wait till the death toll is tallied.

[Deltasailor]

Originally Posted by AZ Parothead

Hi All,

It is clear that many vessels in the massive St Maarten and VI charter fleets are severely damaged, holed, or sunk. As such, we can expect an influx in insurance claims and "write offs."

A couple questions:

1. Can an American go to the BVI and attempt to salvage a storm damaged vessel?

2. How do insurance companies liquidate these storm damaged boats?

I've spent a bunch of time on the internet today but Maritime law is very complex and murky. Any help would be appreciated.

Don't be a bloody greedy sod. Let the guys decide what to do with a shitty problem. leave them alone!!!!

[barnakiel]

Not necessarily so.

Two small diesels are about 20k installed. New sails are less than 10k. New nav package from B&G is about 15k. Some new wire from Ancor and new cushions.

You end up with a perfectly usable boat for less than a fraction of a new one.

If you are a skill-less guy, sure buying a salvage boat is not for you.

Salvage boats are bought everyday in this world. Why do we think the mass scale of the event makes us VULTURES?

Cheers,
b.

[parkerfilms]

Since I live in California I do business here daily. Not at all difficult as long as you obey the laws (including environmental), aren't out to cheat someone, and generally are honest and straightforward.

[Gadagirl]

Sure G'head! Just makes me laugh when many posts are about buyer reticent to purchase anything compromised.

Boat liner knocked kilter? Compromised bulkheads and keels? Deck to top side joiner?

These boats were beaten hard! Bounced on their keels, flipped, exposed to extreem impact. I only suppose that surveyors and buyerd in the following 2 years will need to be vigilant to boat "flippers"

[Jannie Radiance]

Originally Posted by AZ Parothead

Hi All,

It is clear that many vessels in the massive St Maarten and VI charter fleets are severely damaged, holed, or sunk. As such, we can expect an influx in insurance claims and "write offs."

A couple questions:

1. Can an American go to the BVI and attempt to salvage a storm damaged vessel?

2. How do insurance companies liquidate these storm damaged boats?

I've spent a bunch of time on the internet today but Maritime law is very complex and murky. Any help would be appreciated.

IN South Africa it is simple. The vessel belongs to the ins co as soon as they pay out. They will then accept an offer. But , here , some insider would already have told his buddy about this deal and your chances are zilch, zero and nada.