KWS, aside from ignoring admiralty law and such, you're not looking at the economics of insurance status. In an insurer paid out for a wreck in 1830, when simply trying to locate the wreck would have cost a fortune, and trying to reach the wreck and salvage it might not have been technically possible, there was and is every good reason for the insurer to let it lie there, until someone can say "Oh hey, there's our ship, and we can actually get down to it now". Without spending a fortune trying to locate it. So yes, it still belongs to the folks who took over the title to it--the insurer or otherwise. And the million pounds or dollars that they paid out in 1830 otherwise would have been INVESTED for all these years. Simple compound interest over the last 200 years would turn pennies into fortunes, so every year that goes by without the insurer making a salvage operation, they are actually PAYING OUT large amounts of money, tied up in their "investment" that cannot be redeemed. Yet.