Rred
Contributor
Lermentov-
"I very much doubt thats whats the insurance company have in mind"
On the contrary, it is everyday policy and business for them. When a car is reported stolen (and some of them have just been dumped) the insurer typically has 30 days in which to pay the policyholder. And the insurer knows that x% of the cars will be recovered in 31 days, y% in 45 days, z% in two years. (A couple of exotics that were stolen and laundered did actually turn up that way) and their actuaries figure for such things. Whatever profit they can make from the loss recovery, is still PROFIT that they have a legal right to enjoy. Or at least, "profit" in the sense that it offsets losses.
So, intended or not, it is legally theirs to benefit from. Don't like the laws? OK, change it to"abandoned property". In the US we do that even for real estate. If someone moves onto your property, openly claims it is theirs, pays the taxes and makes good use of it, guess what? After as little as five years (depending on state) that property BECOMES THEIRS. And your title and investment are lost.
We could apply the same laws to shipwrecks, just drop your Congresscritter a note. That would be the same person that similarly simply took possession of all "embedded" wrecks back around 1990, and ended the sport of souvenir hunting.
"I very much doubt thats whats the insurance company have in mind"
On the contrary, it is everyday policy and business for them. When a car is reported stolen (and some of them have just been dumped) the insurer typically has 30 days in which to pay the policyholder. And the insurer knows that x% of the cars will be recovered in 31 days, y% in 45 days, z% in two years. (A couple of exotics that were stolen and laundered did actually turn up that way) and their actuaries figure for such things. Whatever profit they can make from the loss recovery, is still PROFIT that they have a legal right to enjoy. Or at least, "profit" in the sense that it offsets losses.
So, intended or not, it is legally theirs to benefit from. Don't like the laws? OK, change it to"abandoned property". In the US we do that even for real estate. If someone moves onto your property, openly claims it is theirs, pays the taxes and makes good use of it, guess what? After as little as five years (depending on state) that property BECOMES THEIRS. And your title and investment are lost.
We could apply the same laws to shipwrecks, just drop your Congresscritter a note. That would be the same person that similarly simply took possession of all "embedded" wrecks back around 1990, and ended the sport of souvenir hunting.