Start locally because this will involve detailed
inspection of the vessel by many parties involved. Every component that impacts its seaworthiness will need to be "certified" and that implies some specific professional attesting to such and thence taking professional liability to such
certification. Thjs is not just an ordinary
repair jockey engagement by a
boat mechanic. One is seeking warranted
repairs for a salvaged
boat similar in effect to the ship builder's
certification and to have similar financial backing.
I suspect that the vessel that was damaged and submerged was subject to an insurance claim by the previous owner, hence the vessel is likely included in a database of vessels that have been damaged. A submerged vessel likely was considered a write-off by the insurance. I doubt that the insurer that made a settlement on the damaged vessel will have any continuing desire to extend new coverage on the repaired vessel.
A lot of
repairs / refitting will be involved and any insurer will require a complete
marine survey completed and submitted as part of their underwriting due diligence and determination of insurability and risk transfer exposure especially on a large [potentially high value asset]. Obtaining interim insurance on a partially repaired / refitted vessel, raises yet more questions and doubts than answers to all underwriters. I write potentially high value because a boat that has been submerged could have nil or negative values, not real marketable value or even use value; it may have some salvageable components value.
One will be in need of at least liability insurance in order to have the vessel be moored or kept in a marina, and in your case to be commercially transported to your desired continuing
repair location. Without liability insurance you will become restricted to berthing it at your private
dock [behind your home on a canal] or at
anchor on your own ground tackle, not a leased
mooring. Your
destination options will be limited both temporary transit and long-term.
Obtaining insurance is going to be a challenge. Realize that it is much easier for underwriters to simply take a pass and decline considering extending coverage on a questionable [doubtful] integrity vessel. It is not worth their effort to assess the risk.
It has already sunk once.* If insurance is offered I would expect it to be with special limits as to its clauses / covenants and coverage [the devil is in the detailed language] and if a claim is submitted there likely will be many factors that the underwriter can raise as to the vessel's suitability for purpose and seaworthiness that they can use to decline a claim or limit a claim, or to state that a repair /
refit was substandard or faulty and attempt to shift liability.
And one should expect that any policy that is offered likely will come at a comparatively higher
price.
You have purchased a can of worms and all the issues that arise with such.
Good luck with your adventure.
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