When an insurance company acquires a salvage motorboat through payment of a total loss settlement due to damage, a Salvage branded Certificate of Title must be issued in the name of the insurance company.
In the event a total loss settlement is paid and the motorboat does not meet the definition of salvage, original Certificate of Title must be issued in the name of the insurance company.
If, after the insurance company has paid a total loss settlement, the owner (insured) of the damaged motorboat chooses to retain ownership, the insurance company must notify the Department of Motor Vehicles. The Department of Motor Vehicles will then enter the Salvage brand onto the computer record of the motorboat. The insurance company is also required to notify the insured of their responsibility to obtain a Salvage title within 30 days after the settlement of the loss.
The salvage designation also applies if the owner of an motorboat voluntarily obtains a Salvage branded Certificate of Title, regardless of the damage, age or value of the motorboat.
A salvage motorboat is a late model motorboat that has been wrecked, damaged, or destroyed to the extent the estimated total cost of repair to rebuild the motorboat and restore it to its condition immediately before it was damaged, meets or exceeds 75% of the retail value of the motorboat at the time it was damaged or voluntarily designated as Salvage by the owner.
Late model motorboat is an motorboat that:
- Is 7 years old or less, as determined by the manufacturer’s model year designation, or
- has a retail value of more than $11,500 until January 1, 2020, when it increases to $12,000
Cost of repairs:
The estimated or actual retail cost of parts needed to repair a motorboat, plus the cost of labor computed by using a customary and reasonable hourly labor rates and times. Retail cost of parts and labor rates may be based upon collision estimating manuals or electronic computer estimating systems customarily used in the insurance industry.
The actual cash value, fair market value, or retail value of a motorboat as:
- set forth in a current edition of any nationally recognized compilation, including automated data bases, or
- determined according to a market survey of comparable motorboat with respect to condition and equipment
If an Out-of-State title is presented with a brand indicating damage, or any records readily accessible to the Department of Motor Vehicles indicates damage, the brand will be carried forward along with the name of the jurisdiction who issued the previous title, on the Nebraska Certificate of Title. This includes, but is not limited to, the following notations:
- Junked (in those states where this is not a death certificate)
- Previously Salvaged
- Total Loss
- Any other language indicating damage
Once a motorboat with a Salvage brand Certificate of Title has been repaired, a new title can be issued. The new title is required to have the words “Previously Salvaged” branded on the face under the designation, Legends. All brands must be carried forward on any titles issued thereafter.
A Salvage brand Certificate of Title is obtained by submitting the Certificate of Title and a properly completed Application for Certificate of Title to any County Treasurer (refer to the County Treasurer Listing for contact information).
The fee for a Salvage branded Certificate of Title is $10.00. Please contact the County Treasurer where the application for title is submitted for information regarding acceptable methods of payment.
Questions regarding Salvage Certificates of Title for Motorboats may be addressed by email or by phone at (402) 471-3918.