I just keep finding more and more stories like this one:
Too Costly to Keep, Boats Become Castaways – NYTimes.com.
Posts tagged as:
Derelicts
I suppose we should get used to seeing this headline. In hard times men turn to desperate measures, eh? This story actually appeared over a week ago, but I’ve been consumed with trying to get this new Wordpress site up and running. Beyond the “sign of the times” component of the story, there is something here worthy of comment. Read the story and then hit your back button and come back here.
Seattle man accused of sinking his own yacht – CNN.com.
Ah, you came back? Here is what caught me attention:
However, due to environmental concerns, the Washington State Department of Natural Resources salvaged the vessel at a cost to the state of $2,866…. Prior to its sinking, the Jubilee had been listed for sale with Mahina Yachts for $28,500.
Any of you salvors worth the ink on your paychecks caught that right away. The cost to raise this totalled sunken wreck was 10% of its pre casualty asking price. Notice we’re not saying pre casualty value. which one could easily construe as below the asking price. Hmmm….10% to raise a total loss.
Did you catch the other item in the quote above? It’s kinda hiding there….due to environmental concerns. For argument’s sake, pretend that this vessel had liability only coverage, which included polution liability coverage….would they be on the hook for the salvage bill?
