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  1. #1
    Join Date
    Jun 2012
    Posts
    1

    Default Boat and Trailer Stolen from Business Parking Lot

    My question involves insurance law for the state of: Iowa

    I recently had a boat, trailer, and numerous accessories/gear stolen from a business where I had left them to be serviced. I towed the boat/trailer to the business and parked the trailer in an area with other customer boats as well as some boats/trailers that were on sale as store inventory. When I turned the keys over to the service manager and filled out the work order, he told me he would take a tractor and move the boat/trailer to a different location on the lot (closer to the shop area). A couple of days later, I was advised by the business that they could not locate the boat/trailer and that the boat/trailer had possibly been stolen. I went to the business and spoke with the staff there, as well as calling the police and filling out a police report. I have since been contacted by an adjuster from the business's insurance carrier and provided them with my recollection of events as well as a fairly complete list of items that were on the boat. I have five questions for anyone who can offer a qualified opinion and advice: 1) What am I entitled to under the law for compensation if the business is found to have been negligent; 2) what might I expect from the insurance carrier in the way of attempting to "low-ball" the claim and minimize the amount paid out; 3) what recourse or appeal might I have if the finding is one of "no negligence;" 4) what happens if the boat is recovered after I've accepted payment; and 5) can the lienholder for the boat sue the insurance company if the payout does not equal or exceed the amount that I owe?

    Thanks for your help.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Boat and Trailer Stolen from Business Parking Lot

    Compensation for a stolen vehicle is based upon the market value of the stolen vehicle.

    If you are not able to negotiate an acceptable settlement, you have the option of attempting to sue for more. Similarly, if the dealership denies liability you can sue to try to establish its negligence.

    Most likely, if the boat is recovered after you settle, it will go to the insurance company that paid off your claim.

    If the market value of the boat is less than what you owe, and you have no other insurance that would cover the difference (e.g., gap insurance), you will make up the difference to the lender out of your own pocket.

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