Legal Question in Insurance Law in New Hampshire
Who owns damaged goods after insurance replacement?
We had a contractor doing work at the house. He damaged an expensive table. He said his insurance would replace it. This will probably take 6 months. Who owns the damaged table? Can I say to him I am keeping it?
2 Answers from Attorneys
Re: Who owns damaged goods after insurance replacement?
If you are paid the full replacement value of the table it [the salvage] belongs to the insurance company.
Typically they will sell the salvage to you at a very attractive price, but it is theirs to sell, not yours.
Re: Who owns damaged goods after insurance replacement?
Generally, you can't get a windfall which means if the table was destroyed and has no value then you are likely entitled to the cost of replacement. If it is repairable then you are entitled to the cost to repair. You usually cannot get full replacement cost and keep the the item unless the insurance company simpy does not want it for salvage value.
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