Restoring Hurricane Katrina Boat

[DTL504]

My sister lost her boat doing Hurricane Katrina and it was payed off by the insurance company. She received the check for $18,000 while living in Houston and sent it to the credit union that finance the boat. She has recenly found the boat about and would like to restore it, but I have told her since the insurance company paid it off she no longer owns it. However she stated that since she had insurance she is the rightful owner and will go to the DMV tomorrow to get a duplicate title.

Who is right in this situation? I dont want her to get into trouble and I believed that the boat belongs to the insurance company since they paid it off, but she stated that just like the insurance company paid the house off for flood coverage the same apply for the boat. Who is right? Either she is the owner or the insurance company....

Before she make a wated trip to the DMV tomorrow....

 

[oops!]

Re: Restoring Hurricane Katrina Boat

im from canada....laws are different....but

imho...(im not a lawyer....so any opinion is worth exactically what you paid for it)

the insurance company owns the boat....hands down.....

she can call the insurance co, and "buy it back" for a percentage....

i would think ...if she registers it now.....she stealing it.

 

[tashasdaddy]

Re: Restoring Hurricane Katrina Boat

if the insurance company, did not file a junk title, transfering it from her, she could be the owner.

 

[Mark42]

Re: Restoring Hurricane Katrina Boat

I would just get the boat, as you already have the original title. The insurance co might have a lein on the boat, and you may be able to buy the boat from the insurance company for its salvage value, and that would make things nice and legal.

Best to read the fine print on the insurance policy to see what the terms are on a payoff. Could just call the ins co and ask what the policy is on lost boats that were paid off and later found.

 

[DTL504]

Re: Restoring Hurricane Katrina Boat

I guess all the question will be answered tomorrow when she go to DVM to see if she can get the Title to the boat. Otherwise we will back track to the insurance company and credit union to find out who has the title....

BTW: This is a nice boat Pro-Line 20 Sport w/ Mercury 150 V6 that need new hubs, bearing, tires as they have rotten. The motor has been sitting and need to be check out by a mechanic. No major damage from the hurricane that we can see.

 

[RCNO]

Re: Restoring Hurricane Katrina Boat

I could be wrong here but I thought that a boat insurance claim was like an auto, if its totalled, then the insurance co. now owns it. BTW, I dont think the DMV is able to give titles for boats, whether its a transfer, new or a duplicate. The last 2 boats i bought in the last year had to be transferred through the LDWF. As a matter of fact, Im looking at the white form thats filled out for all title work and its LDWF that handles ALL transfers, renewals of tags, new titles, and duplicates (including tags and titles). The DMV in La. can only give you the duplicate on your trailer papers. Just my .02, I may be wrong...Dave

 

[OV1961]

Re: Restoring Hurricane Katrina Boat

If the insurance company does it by the book they should have a salvage title and depending on your state it may not be able to be registered again because of the salvage status. If they paid for the damaged boat they own it. DMV probably doesn't do boat titles. Here the Dept of Game and Inland Fisheries takes care of that. The insurance company would probably be happy to sell you the boat or maybe they'll tell you what auction wholesaler it's going to so you can bid on it.

 

[Fingernip]

Re: Restoring Hurricane Katrina Boat

If its like autos the insurance company owns it. I had a buddy get his car stolen and insurance paid for it. Later he got a call from the police that his car was impounded several states away and theyw anted him to pay the impound fees and come get it. Turns out though that even though the car was last titled and registered in his name, once he claimed it stolen/lost and was paid for its value it now belonged to the insurance company. They had to pay all fees and such associated with it since the date they honored the claim. I think by accepting the check she hands over ownership of the boat. Might wanna check the insurance paperwork for legal print.

 

[tcindie]

Re: Restoring Hurricane Katrina Boat

It could go either way...

I had a car "totaled" by my insurance company... meaning they wrote me a check for the appraised value, and would either A) tow it to a salvage yard, or B) let me keep it (and a slightly larger check as the tow fee wouldn't be involved)... since I wasn't in a position to buy a new car at the time, and it was still drivable, I opted to keep it. Basically I retained ownership, and could drive it legally, though in an accident they wouldn't pay me anything else for the vehicle.

I would imagine that's a similar situation with your sisters boat, but I'm not an insurance guru by any means.

 

[45Auto]

Re: Restoring Hurricane Katrina Boat

Depends on what paperwork she signed. In Louisiana boats aren't titled, the registration is proof of ownership. You sign the registration over like a title when you sell a boat. If she signed the registration over to the insurance company they own it. If the registration was lost in the hurricane it's possible she legally assigned it to the insurance company when she accepted the check. Depends on the contract.

Here's the link to the registration page.

http://www.wlf.louisiana.gov/boating/registration/

The forms have the contact info for Wildlife and Fisheries on them. All 3 boats with trailers I bought I had to go to the DMV to title the trailers and W&F to register the boat. She may have to go to W&F to find out if she still owns it.

Lots of funny stuff went on right after Katrina, depending on what she signed it's possible she still owns the boat.

Good Luck!!

 

[tashasdaddy]

Re: Restoring Hurricane Katrina Boat

what happened?

 

[tcindie]

Re: Restoring Hurricane Katrina Boat

If it was presumed lost or destroyed... then technically wouldn't 'nobody' own it? That would make it free reign to anybody willing to fix it again. Well, that's how things should be anyway.

 

[BMOLCHANY]

Re: Restoring Hurricane Katrina Boat

Does anyone jave a number of how many boats were lost during that time? I was down there doing SAR and we found alot just tossed around.

 

[DTL504]

Re: Restoring Hurricane Katrina Boat

what happened?

I have the boat in my name... The insurance company paid off the boat and she had a lien on the boat for $4000.00 at a local bank so we went to them paid the lien off and the signhed the boat to me. Now I have it registered in my name.

 

[zach103]

Re: Restoring Hurricane Katrina Boat

lets see some pics then