One of the trend now in Canada is refurbishing of boats that have been write
off by the insurance companies after big storms in the US.
Entrepreneurs are going in the US and they buy write off sailboats. They
bring them into Canada to refurbished them. Then they are sold at the
market value. One of the classic scenario is "this guy has this sailboat in
is barn and has not use it for ages and he want to sale it now." Then the
synergy is in motion and offer, counter offer and offer goes on and the boat
is sold as is.
Some of these refurbished are doing a very good job and they well deserve
the price they are asking for. However, how does one know if the boat has
been write off in the US. Can the sailboat be traced to it original owner
and the insurance company. Conversely, why is the insurance company not
paying for refurbishing a damaged sailboat instead of paying a replacement
cost?