Keith Russell, a boat dealer, contracted to sell a 19-foot Kinsvater boat to Robert Clouser for $8,500. The agreement stipulated that Clouser was to make a down payment of $1,700, with the balance due when he took possession of the boat. According to the contract, Russell was to retain possession of the boat in order to install a new engine and drivetrain. While the boat was still in Russell’s possession, it was completely destroyed when it struck a seawall. 

Transamerica, Russell’s insurance company, refused to honor Russell’s claim for the damages to the boat. The insurance policy between Transamerica and Russell covered only watercraft under 26 feet in length that were not owned by Russell. Transamerica argued that the boat was not covered by the policy since Russell still owned it at the time of the accident. Did Russell have title to the boat at the time of the accident?