They pay no more than face value and that its for everything all totalled up.
SO if you're boat is worth $30k, they give you nothing more on a $30k policy. And we can keep it to do as we please with including give it to someone else.
Quote:
Originally Posted by pcheesesteak
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."
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