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Old 05-25-2023, 10:45 AM   #1
City: Marion, Massachusetts
Vessel Name: Wanderer
Vessel Model: Pilgrim 40
Join Date: Sep 2016
Posts: 624
How does "Total Loss" insurance claim work?

So first of all... It was 100 percent my fault and no one got seriously injured.

So I have a boat that damage exceeds the insurance amount.
If I put ion a claim for a total loss the insurance company will own my boat and I will have to buy back the salvage value.

This only hurts a little as I tried to insure for more (based on surveyors value) when I signed up.

On one hand I'm inclined to eat it as penance for my behavior that led to the loss.

One the other hand, is there a work around?
PMF1984 is offline   Reply With Quote