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I just finished a major rehab on a '74 23' Tsunami (see the thread under Repairs/Mods) and need insurance advice.
First, I'm way upside down on the market value versus my investment, which is okay because I've got what I want and plan to enjoy it for a long time. (Take note you newbies asking questions about doing a major rehab or buying an already rehabbed boat.) Second, my boat insurance has always been ACV (actual cash value) coverage, and this just doesn't work on an older hull, especially for one in excellent condition or rehabbed. The adjusters can't make the numbers work to support a high enough value. I am interested in replacement coverage based on an agreed upon value. Basically, if my boat is insured for X dollars and is totaled, I receive X dollars with no painful negotiation. Black and white, cut and dried. My local insurance agent said a survey by a credentialed surveyor and good documentation of my expenses would help obtain coverage, both of which I have, and he is obtaining quotes. Surely someone on this forum has dealt with this issue before - good insurance coverage for an older fully restored boat. Any recommendations? Last edited by Handful in NC; 11-08-2011 at 12:01 PM. |
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