When an insurance company acquires a salvage motorboat through payment of a total
loss settlement on account of damage, the company shall obtain the certificate of
title from the owner, surrender such certificate of title to the county treasurer,
and make application for a salvage branded certificate of title which shall be assigned
when the company transfers ownership. An insurer shall take title to a salvage motorboat for which a total loss settlement
is made unless the owner of the motorboat elects to retain the motorboat. If the owner elects to retain the motorboat, the insurance company shall notify
the Department of Motor Vehicles of such fact in a format prescribed by the department. Beginning on the implementation date designated by the Director of Motor Vehicles
pursuant to subsection (3) of section 60-1508, the insurance company shall report electronically to the department using the electronic
reporting system. The department shall immediately enter the salvage brand onto the computerized record
of the motorboat. The insurance company shall also notify the owner of the owner's responsibility
to comply with this section. The owner shall, within thirty days after the settlement of the loss, forward the
properly endorsed acceptable certificate of title to the county treasurer. Upon receipt of the certificate of title, the county treasurer shall issue a salvage
branded certificate of title for the motorboat unless the motorboat has been rebuilt
or reconstructed, in which case the county treasurer shall issue a previously salvaged
branded certificate of title for the motorboat.
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