Originally Posted by hellosailor
"Typically, if the estimated cost of repairs is greater then 50% of the boats insured value, the insurance co. will deem it a Constructive (?) Total Loss, or CTL." Caleb makes a point BUT I believe that only applies to your own insurer, as a matter of policy statement. In this case, the other guy's policy doesn't matter, he damaged your boat and home, and it is usual under liability law that the damaged party must be "made whole" again.
Yes. I said I was not certain how this would work out since a 2nd parties insurance was really liable for the repairs and making things "whole" again for CK.
All I know is that I felt kind of screwed by the insurance racket even though we got a check for the face value for our boat (less then $7K minus the buy back fee of $800) as they would no longer insure my boat the next year.
Even after a short time of owning our boat I had also developed some emotional ties to her and did not want to take the insurance check to put towards another boat. I wanted to fix OUR boat and I ended up doing the fiberglass work to our hull/deck joint that got damaged among other repairs. I am now more irrationally and emotionally attached to my old boat then ever.
Hopefully CK will only have to do some kick boxing practice to help blow off some steam about this.
Hang in there CK.