Legal Question in Insurance Law in Florida

Relative has a boat and lives on my property and boat is stollen, stripped but recovered essentially a total loss. He owes approximately $20,000.00+ on the note and was financing through Bank of America. Insurance lapsed and so NO insurance on boat whatsoever. He calls bank and they tell him that they were unaware that there wasn't an insurance policy on the boata and told him usually they would have placed insurance on boat if it wasn't obtained by him. Does finance company hold any responsibility for the loss?


Asked on 3/30/10, 8:45 am

2 Answers from Attorneys
David Slater David P. Slater, Esq.

No, they have no obligation to give advice.

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Answered on 4/04/10, 5:35 pm
Steven Meyer CPLS, P.A.

Who was supposed to procure the insurance? The owner, the bank that gave the loan, or the finance company?

Most likely, it is the owner's responsibility to obtain the proper insurance. It is possible, though, that the finance company or the bank was supposed to use part of the owner's payments to provide insurance.

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Answered on 4/04/10, 5:50 pm


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