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Bertram31.com General Bulletin Board
B31 valuation - beware
Posted By: Vic Roy
Date: Tuesday, 29 November 2005, at 10:56 a.m.
I've just gotten the survey report on the damage to AJ from Katrina that was prepared by a surveyor hired by my ins. co. Because AJ is not yet untangled from the mess (hope that happens this week) it is impossible to do a complete inspection until she's properly blocked up. In any event, the surveyor's report shows the 'pre-damage' value of AJ at $41K and I have her insured for $120K. The estimate to repair her is under $41K. The issue is that since she's more than 10 years old, actual cash value applies regardless of how much she's insured for. So if the 41K value stands, and the repairs exceed that, she's a 'total' and that's all they are gonna pay. Probably moot in my case, but I'm not going to allow the 41K to stand unchallenged as it may become an issue for me and other Faithful in the future.
The 41K comes from a combination of blue book and a boat for sale on this site.
Soooooo - I will prepare an analysis of the true market value of AJ. I plan to do this like a real estate appraisal, using comparables, apples to apples. We all know that cerain models (FDC, for example) fetch more than others, that diesel is worth more than gas, towers, paint, GlassTech decks, gensets, a/c, electronics, all impact the value. Andre', with Pete Fallon's help, has dones some work in this area already, and I'll run my analysis by them and all of you prior to shooting it to my ins. co.
I solicit input from the Faithful.
UV
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