Florida | Insurance Law
3/30/10, 8:45 am
Legal Question
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?
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