What is the name of your state (only U.S. law)? SOUTH DAKOTA
Good Day!
My speedboat was towed, and due to negligence by the towing company's operator, both the engine and the transom were damaged. The estimated cost for repairs is $3,392.00. A claim has been submitted to their insurance company and is in process, but I need to know my rights, options, etc. in order to be prepared...?!?
The boat is 31 years old and has an estimated book value of approximately $2100. It has been well kept throughout the years, and has continued to run and perform well. Then several years ago there was a significant amount of work done on both the boat and engine – including having the entire transom section torn out and rebuilt to factory specifications - all easily costing well over $1500! Upon completion, it was structurally as close to new as possible, and the engine running as well as ever!!!
So…my questions come down to that of my rights are with regards to the forthcoming ‘negations’ with the insurance company?!? If I show proof of the time and money that’s been put into it, is that something they ‘should’, (or are somehow required to), take into consideration with regards to the boat’s value in determining a ‘settlement amount’? OR…can they simply ‘total in out’, and be required to only pay the book value?!??
In other words, regardless of its ‘actual value’, since their client did the damage, do I not have the right to accept nothing but having it restored to the same condition it was in prior to them towing it???!?
I would sincerely appreciate any assistance with this matter!?!
Thank you in advance!
PHH
Good Day!
My speedboat was towed, and due to negligence by the towing company's operator, both the engine and the transom were damaged. The estimated cost for repairs is $3,392.00. A claim has been submitted to their insurance company and is in process, but I need to know my rights, options, etc. in order to be prepared...?!?
The boat is 31 years old and has an estimated book value of approximately $2100. It has been well kept throughout the years, and has continued to run and perform well. Then several years ago there was a significant amount of work done on both the boat and engine – including having the entire transom section torn out and rebuilt to factory specifications - all easily costing well over $1500! Upon completion, it was structurally as close to new as possible, and the engine running as well as ever!!!
So…my questions come down to that of my rights are with regards to the forthcoming ‘negations’ with the insurance company?!? If I show proof of the time and money that’s been put into it, is that something they ‘should’, (or are somehow required to), take into consideration with regards to the boat’s value in determining a ‘settlement amount’? OR…can they simply ‘total in out’, and be required to only pay the book value?!??
In other words, regardless of its ‘actual value’, since their client did the damage, do I not have the right to accept nothing but having it restored to the same condition it was in prior to them towing it???!?
I would sincerely appreciate any assistance with this matter!?!
Thank you in advance!
PHH