Any Salvage Value to a "Totaled" Boat?

[Shrew]

Originally Posted by iSaint

The insurance company is paying me for the boat but will not take the title, so I have responsibility for disposing of the boat. Kind of backwards if you ask me, but there's no more funds in my policy to take care of these costs.

Fun, so they left you with the storage and disposal costs. That makes financial sense for them. I suppose that is considered a 'Total', though traditionally they assume ownership of the property when that occurs.

[jimbunyard]

Where is the boat? 400 miles puts it around Cedar Key, a long way from anywhere you can expect to get good prices for salvage or scrap, plus you have to get the stuff there.

Will the yard where it's at even let you scrap and cut it up in situ?

Have you asked them if they'll take it off your hands in exchange for the scrap and salvage value?

Do you have the skills and tools and time to deal with it personally?

Could be an opportunity to make a few thousand, to break even, or a loose a few thousand, depending on how those questions are answered...

[iSaint]

Originally Posted by jimbunyard

Where is the boat? 400 miles puts it around Cedar Key, a long way from anywhere you can expect to get good prices for salvage or scrap, plus you have to get the stuff there.

Will the yard where it's at even let you scrap and cut it up in situ?

Probably not

Have you asked them if they'll take it off your hands in exchange for the scrap and salvage value?

I'm trying to convince them to do just that. I'm dealing with the yard owner and the Sea Tow rep who brought the boat to their yard. The Sea Tow rep is spouting off all these costs for disposal and the yard is charging $128 a day storage. Sounds like a pretty good scam but I don't doubt their facts.

I don't think they're in the scrapping business nor have time to sell parts to recover costs.

Do you have the skills and tools and time to deal with it personally?

Not at all. Plus I'm 500 miles away and getting ready to go back to the classroom.

Could be an opportunity to make a few thousand, to break even, or a loose a few thousand, depending on how those questions are answered...

I'm often on the losing end.

[jimbunyard]

3800 a month? Scam sounds right. I don't know what your legal or ethical responsibilities are, maybe someone else here knows the legal ones. Did you authorize SeaTow to bring the boat to this yard? Where is the boat?

[BlueH2Obound]

Not sure that the insurance company has the legal right to not take title if the boat is totaled. I would give the Florida State Insurance Commissioners office a call and ask for their read on the situation. You will probably have to provide them with a copy of your policy. I assume you have that? Insurance companies hate it when you get the State Insurance Commissioner involved, even if they are being totally on the up and up. Doesn't sound right that the insurance company can refuse to take possession of the boat if it has been totaled.