Quote:
Originally Posted by Capt. Frank
Do they pay for salvage separately, replacement cost separately, and vessel disposal cost separately?
Many insurers DONT cover anything but the replacement cost leaving you with a BIG BILL to pay on your own.
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Captain, how do you construe this policy statement?
"Salvage and Abandonment
If we pay the limit shown on the Declarations Page for "Watercraft and Equipment" or "Trailer" [$30K], we reserve the right to take possession of the remains if we elect. At our request, you will transfer the title of the property to us or to a salvage buyer appointed by us. Any recovery or salvage loss will accrue entirely to our benefit until the sum paid by us has been made up."
