Trawler Forum - View Single Post - How does "Total Loss" insurance claim work?

PMF1984 · 05-25-2023, 10:45 AM

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?

05-25-2023, 10:45 AM	#1
PMF1984 Guru 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?