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Old 05-25-2023, 11:57 AM   #6
Senior Member
City: Middle River
Join Date: Nov 2022
Posts: 453
First, read section (I think)D
" What we will pay in event of a loss" and go from there. Two policies sound the same but are not. "Agreed value" and " stated value" are different. One is a firm price, the other says "value **OR** Actual Cash Value (ACV) whichever is less"
The salvage value can be reduced by the cost of maintaining the vessel (storage) from the loss till now. If they want the salvage, it is THEIR responsibity to pay that, and remove the salvage etc. Use that argument to reduce the salvage value they want from you. Depending on the type of loss, etc. You may be able to cut a deal for them to pay just under the value less salvage and not "total" it with the attending problems.
And good luck!!
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