Policy paid limit on property damage but not finished

[Jeff j]

I am looking for some help regarding a claim with my insurance. I had a boating accident and estimate to repair was slightly under the insured value. The insurance company made decision to repair, against my wishes-I was concerned about hidden damage. Boat was repaired and total cost was same as insured value, so insurance paid max amount we had insurance for. After boat was relaunched, there was found to be an additional $20k in structural damages. The insurance appraiser came back out and said, yes this damage was from the accident, it was just missed, oops! Now the insurance company says they’ve paid up to policy limit on our claim and won’t pay for this missed damage. What can I do? I was worried about repairing boat versus salvaging it for this reason. Don’t they have to finish fixing it since they opted to repair in the first place? Boat leaks water and is not seaworthy, it must be repaired. Any advice? I have a loan in the boat, should I call them and let them know about it? The boat, as it sits right now, is not worth what we owe because of structural damage. I am at a loss!

 

[adjusterjack]

I doubt that anybody can answer your question without a thorough review of your policy. If you can upload a digital copy of your policy I'd be happy to review it for you. Redact any identifying information.