Insurance Advice needed

[Marcb]

After a 6 months trip, 5 countries, not a scratch on my boat, my first offshore passages on top of being with a totally green crew, after crazy storms last December leaving Nova Scotia at the worst time to go to the Caribbean. I arrived home to Nova Scotia 3 weeks ago and 2 days later while having my morning coffee, this happened

https://youtu.be/uLEH5jaKnWI

The insurance from the boat that hit me is covering the repairs luckily, when I left last December, my insurance was not covering me passed the 40 latitude so I had canceled it.

Should there be a value added in the claim for depreciation?

[Pandor]

First, sorry about your misfortune. I’m not sure I understand the question about depreciation. If you are asking whether you are entitled to receive some additional payout beyond what it takes to fully restore your boat to the same condition it was in prior to the accident, the answer is generally no. If insurance pays to fully repair your boat, why do you assume that it will suffer depreciation?

[ksuderman]

Originally Posted by Pandor

If you are asking whether you are entitled to receive some additional payout beyond what it takes to fully restore your boat to the same condition it was in prior to the accident, the answer is generally no. If insurance pays to fully repair your boat, why do you assume that it will suffer depreciation?

Maybe the OP is asking about diminished value? I don't know if diminished value is a thing with boats, but a car accident can reduce the price of a vehicle buy ~10% and in some jurisdictions it is possible to sue the insurance company to recover the lost (diminished) value.

@Marcb you will have to research in Nova Scotia to see if they allow diminished value claims. The hard part will be justifying any value lost due to the nature of boat pricing.

[Sailmonkey]

If I understand your question correctly……what would be the accepted value to be placed in decreased value following the repair? It’s a length of string question.

The insurance should make you whole, meaning you boat as ready to sail as it was before the incident.