Generally there are two types of coverage for comprehensive boat insurance - market value (basically what you paid for it) depreciated over time (especially for the items like
instruments, etc.) - - and "agreed value" which is a number that you and the insurance carrier agree to. This is the limit of what they will pay for a total loss or constructive loss. For probably additional premium you can get replacement costs of destroyed or damaged
instruments, etc.
- - The big thing you do not want to do is insure the boat below the replacement value/market cost. We
lost many hundreds of boats down here in
Grenada with Hurricane Ivan and several of them (friends) had insured their boats for only 80% or less of the market value. The hurricane damage was repairable to these boats but the
repair costs exceeded their policy limits and they
lost the boat to the insurance company. Generally speaking if the insurance company pays the face amount on the policy or the constructive loss exceeds that amount - the insurance company takes
ownership of the boat after paying you the
money. You can buy the boat back from them but then you are back where you started with a damaged boat and no
money.
- - So really investigate thoroughly through a reputable
broker what is available and the types of coverage. IMHO, if you cannot afford to insure for the market value/agreed value then buy only liability insurance and start a separate savings account to be your own "insurance" fund for the boat should it sustain damage.