0
Once the insured previous owner accepts a payout from the insurance company for a lost or damaged item, they typically relinquish any legal rights or claims to that item. The insurance company, having compensated the owner, generally acquires ownership of the salvaged item. Thus, the previous owner's entitlement to ownership is generally forfeited upon acceptance of the payout. However, specific terms in the insurance policy and applicable laws can vary, so it’s advisable to consult legal counsel for nuanced situations.
What else can I help you with?
What is difference between joint product and by product?
joint product has a high price value whereas by-product has a low price value. joint products are 2 or more products simultaneously produced. whereas by-product is recovered incidentally
Can a repo company charge you for retrieving your personal property and property that belongs to someone else in the state of Kentucky?
Yes. Any property left in the vehicle when it was repossessed is additional property, not part of the repossession. As private property, the repossession company is liable to inventory the porperty and store it so that it may be recovered. State laws vary a bit, but the standard storage limit is thirty days. During this time they may assess a storage fee. You, the property owner must pay this fee to recover your property. Property that is not recovered in the time alloted by law may be discarded as the company sees fit.
What is a writ of possession?
A writ of possession is a legal precept directing a sheriff to put a person in peaceable possession of property recovered in ejectment or writ of entry. It's a court order to move out right now. If you don't, you will be forcibly removed by law enforcement, along with your stuff (at your expense), real soon!
What is construction all risks insurance?
Overview: The Contractors All Risks Insurance offers comprehensive coverage for all types of civil construction risks. This policy covers physical loss or damage to property, as well as third party liability related to work conducted on the contract site.Cover includes: The coverage for physical loss or damage to property is on an "All Risks" basis, i.e. the policy insures against damage to property in the course of construction by all sudden, accidental and unforeseen causes other than specified excluded perils and forms of damage. This cover includes works brought on to the site for the purposes of the contract as well as temporary works erected or constructed on-site. Additionally, the policy includes coverage for physical loss or damage to construction plant & machinery, equipment and tools used per the insured contract.Third party liability: This policy also includes third party liability coverage. This insures against accidental bodily injury or illness to third parties as well as accidental loss of, or damage to property belonging to third parties, caused by an accident at the construction site. The policy also indemnifies for legal costs and expenses recovered by a claimant from the insured.
How is a disaster recovery business resumption plan developed?
A disaster recovery plan is simply a documented process that enables your business to regain full or partial functionaliy in the event of a disaster. Creating that process can be cumbersome but every business should have one. It is important to have key management support before trying to create a DRP/BRP/BCP. Recovery systems and technology can be simple and cheap or complex and expensive but their must be money budgeted this expense. The first and most important step is to define business parts or functionality that need to be recovered in an emergency. Find out what kind of service level is expected from business owners/decision makes and then develop processes to meet those needs. Don't be shy - If they expect 100% service they should expect to pay the costs associated with 100% service. There are numerous technologies, commercial and open-source, that can help. Some companies may only need backups to tape or replication to offsite locations. Others may need full backup locations called hot sites. Keep in mind, "you get what you pay for". If you don't have a full time IT staff, purchasing commercial services or products for DR may be your best option. Once you've put technologies in place for DR you'll need to document your plan. Written documentation is best and it needs to be kept up-to-date.
Should insurance settlements be repaid when stolen goods are recovered?
That is up to the discression of the insurance company.
Does insurance pay off a recovered stolen vehicle?
It depends on what insurance you're talking about, does it include theft?
My car was stolen and the insurance company paid me but then the police recovered the car?
keep the money and find another car, or give back the money and get your recovered car.
What should I know before accepting a cash settlement for an injury from an insurance company?
Before accepting a cash settlement for an injury it is important to know the amount of medical bills as well as any outstanding. In addition, it's important to make sure that you are completely recovered because any expenses incurred after settlement, you will have to pay them out of pocket! Make sure you talk to an attorney and get released for a doctor before settling.
What is covered if your car is stolen?
It depends on your insurance. If you only have third party insurance you get nothing. If it is a full comprehensive insurance, and if your car is not recovered, you will get compensation which will be the present market value of that car
What happens if insurance replaces stolen items then the police recover and return the stolen items to you?
I recommend you contact your insurance company, and inform them of the recovered goods
How does homeowners insurance work when stolen items are recovered?
Once the insurance company has paid the claim for stolen items they become the legal owners of the items.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
You bought a new bike via insurance money. your old one was then recovered. who does the new bike belong to and who does the old recovered bike belong to?
The new one belongs to you, the old one belongs to the insurance company. They did right by you, so do right by them by giving them a call and tell them what's happened.
What is an insurance recovery car?
Stolen car that claim was paid off by the insurance company. The car was later recovered. Because the claim was already paid the car is owned by the insurance company and they will typically sale these at auction.
What is the word used for property recovered by the insurance company?
please explain your question better. Do you mean property such as stolen vehicles?
What happens at an auto insurance auction?
At an auto insurance auction you can buy cars at cheaper prices. Some of these cars have been recovered from theft, used as rental cars, or even donated to the auction.
