Speculation game?
There's a lot of speculation here, and it's a great game with no apparent rules, so here goes:
Hackercraft is insured by company A. Sea Ray is insured by Company B. Company A pays for repairs to the Hacker and subrogates against B. There is a bailment situation, so Hacker owner will get his deductible back. The Sea Ray, company B, is insured and there is nothing in the policy that requires a specific person to be driving, so the Sea Ray damage is covered by company B.
Now, follow this. The Sea Ray was purchased with a loan, say for $1,000,000, with 20% down. The boat is totaled, and the bank gets paid their $800,000 as the mortgagee/additional insured. They're happyy--they m,ade money on the loan. The owner bought his lakefront McMansion just before the pandemic for $750,000 and used a HELOC for the down payment on the boat. He can now sell the house (after all, he's done boating) for $2,000,000, pays off all the debt and has funds available to buy elsewhere. Nobody was hurt, nobody loses money, nobody gets a ticket. Ain't this a great country?
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