Boat buy back from Ins question...

[rsmith]

The coastguard cares even less than the state. In 93 when the S&L debacle hit I had a friend repossessing boats I flipped 3 55 oceans with cracked hulls that was a combination bank insurance deal. If you remember 55’s we’re so bad you couldn’t insure them. But the documentation was clean. I sold them to Costa Rica for charter boats.

[zigzag930]

A friend of mine lost his 61 Hat in Ian. They paid him off in full and said they planned to abandon the boat. He asked if he could have it and they said yes.

Boat was not sunk, just dock damage to the hull, rub rails and other wind related issues.

State Farm was the ins co.

I can't believe they didn't auction it to recoup at least something. Boat was is in a marina, not stuck in the mangroves - so easy to move it.

[Pascal]

Documented vessels do not and can not have state title so for larger boats there can not be any salvage title. AFAIK the USCG doesn’t keep track of salvages vessel, a COD is either active or expired

As to insurance companies not trying to auction damaged boats and recover as much as possible, why should they care? They will just pass the costs to us into the next premium. After Irma a few years ago, there were a few boats here that were totaled even though they were easily repairable. At least one is still here, the owner have cashed a big check, and kept the boat. Still in the same slip. We re all paying for this crap incl those that didn’t make an effort to protect their boats. Or cars. Like the guys who let a Rolls and a McLaren P1 out of his Naples garage

[SeaEric]

USCG does occasionally record damage in the Abstract of Title. I sold a beautiful 70' Hatteras 1986 about 15 years ago.
She had a Euro Transom Extension added on to an original 63' MY. Stunningly gorgeous yacht. Curiously, the
staterooms were all "painted out" white over the original teak. When I ran the Abstract for my buyers, There was
an entry from 1989 that said: "Deleted from documentation. No longer capable of transportation. Destroyed in Hurricane
Hugo" Clearly she had been repaired many years before I sold her. We hired Slakoff to do the survey. They had also done
the survey after she was repaired. The surveyor showed up with that report and re-checked previous work. All was good
and my buyers moved forward with the knowledge of her history. I since sold her again with full disclosure. My concern
on a titled boat would be that the HIN could be "tagged" by the Insurance Co that paid a total loss claim. The photos I saw
of Dean's boat looked bad. Hull to deck joint compromised for a good length of one side, outboard motor skeg and prop
damage, plus a few more fiberglass holes and abrasions. That will not be a quick, simple repair. I stand by my advice to
"Wave her goodbye"

[northshoreone]

Update...Ins. Co. issues a salvage title document to me and a copy to the state. Once repaired you must take the receipts of the repair work to the state DMV to have a new title issued.
Ins. Co. wants $33k salvage value for me to retain the boat. They will pay for its removal or for it to be loaded on my trailer. Marina est. to fix and paint..$60 to $65k, figure another $10k for misc. issues. To replace it with one listed on line is from $150k to $175k.
Thoughts???.....

[zigzag930]

My only comment.... estimates are always WAY low. This may cost a lot more than you think by the time you're done.

[SeaEric]

Update...Ins. Co. issues a salvage title document to me and a copy to the state. Once repaired you must take the receipts of the repair work to the state DMV to have a new title issued.
Ins. Co. wants $33k salvage value for me to retain the boat. They will pay for its removal or for it to be loaded on my trailer. Marina est. to fix and paint..$60 to $65k, figure another $10k for misc. issues. To replace it with one listed on line is from $150k to $175k.
Thoughts???.....

How much will they pay you for the total loss?

[northshoreone]

Total payout to walk away is $114k after hurricane deductible.

[SeaEric]

Total payout to walk away is $114k after hurricane deductible.

Take the $$. From the pics you sent me, she will never be 100% again. The hull to deck joint compromise is troubling IMHO.