Krush Im referring to the statement that the repairs could be done by a great yard at well below the estimate .....
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Thread: 1980 58’ Hatteras MY
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01-05-2018 12:41 PM #11
Re: 1980 58’ Hatteras MY
Scott
41C117 "Hattatude"
Port Canaveral Florida.
Marine Electronics and Electrical Products Distributor.
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Re: 1980 58’ Hatteras MY
I really didn’t expect them to total the boat. Even the adjuster/surveyor agreed this is all repairable. However, the yard’s repair estimate in conjunction with our other associated losses that wasn’t yard work, when compared to the policy limits, it became a financial decision for upper management to decide how to lose the least amount of money on the claim. That’s just how this crap works for everybody. It’s not about whether it can be fixed, it’s about how to lose the least amount of money on a claim. This is why frivolous lawsuits get settled for nuisance value. My insurance company will lose less by selling the salvage rather than shelling out the most, if not all, of the policy limits to repairs, and even then, there is that “what if” (the hidden damage, if any) we didn’t get it all fixed within the policy limits. At that point, the remaining repairs come out of my pocket or my hide. Had the boat been insured for about $50,000 more, I’m sure there would have been a different outcome. I’m not under-insured nor over-insured.
Pascal knows of some decent subcontractors who can do the work a lot cheaper for someone who would want to manage the project. He had similar damage, but probably not the water intrusion that I had. I simply don’t have the time to do the work, nor the physical ability for some of it, or to coordinate it, or to supervise it, etc. While it can be done cheaper down the river at the DIY yard that Pascal mentions, that would also mean I would have to take a significant amount of unpaid time off work to manage the project - that’s why I didn’t take it there in the first place and start chasing estimates on my own from the various skills found there. I’ve been to that yard and we do have to supervise the labor there to get exactly what we want and how we want it done. Pascal has the means to do that for himself.
Yes, the yard where she is does cost more than the DIY yard, but I also get the value of a project manager to just “get ‘er done” (and done right) and call me when she’s ready to back out of the launch basin. So, it is what it is. While it appears at first glance I had about the same damage as Pascal, he didn’t get the water damage inside that I did. Most of the interior damage he got was already under demolition and re-construction with several areas simply gutted; mine wasn’t. His boat needed a total paint job; mine didn’t.
I have no skin in the game at this point. She’s not going to the crusher - she’s going to be sold. I thought of all of you, first, in case there is one of you out there who is looking for a project like this.
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Re: 1980 58’ Hatteras MY
Actually my cap rail was ground open over 20' and all my weather board and side panel destroyed. We also found the aft engine bulkhead completely loose, ground aginast the hull and pushed back about 1" in the companionway
The cap rail and bulkhead is already repaired. I have a $9k estimate to redo the weather boards all around, both side and transom, in solid fiberglass. No more stanchions and screwed in boards. That doesn't include the handrail which I ll do myself at the end I also have a $4k estimate for a new swimplatofrm, enlarged to 42" for $4800
I ve also had to redo the entire port ER vent, and the stbd one to match... $2k. The guy did a great job... I bet a regular yard would have charged twice that amount
But yes in my case the interior was and is being gutted so whatever water came in didn't matter
My point isn't to compare damage but to show how these boats can be repaired for a lot less money when you have right people. HUricane maybe a DIY yard but the subs working
There are really good.
Sanctuary can be repaired for a fraction of the estimate and is a tremendous buyPascal
Miami, FL
1970 53 MY #325 Cummins 6CTAs
2014 26' gaff rigged sloop
2007 Sandbarhopper 13
12' Westphal Cat boat
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01-05-2018 03:11 PM #14Senior Member
- Join Date
- Nov 2008
- Posts
- 83
Re: 1980 58’ Hatteras MY
This might be dangerous for me, but.....
Is this the 3 or 4 stateroom layout,
a 15'10 or 18'2 beam
Power, 71 or 92 series.
Let me know; this comes with a wonderful history,
she should be out there cruising !!
Toronto, Great Lakes
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Re: 1980 58’ Hatteras MY
Ed G.
Misty
'68 41C
Sanctuary
'80 58 Motoryacht
100 Ton Master, Near Coastal
http://www.boat-heaters.com
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01-05-2018 05:13 PM #17Senior Member
- Join Date
- Apr 2005
- Posts
- 1,162
Re: 1980 58’ Hatteras MY
My understanding of the formula for the repair versus constructive loss decision is simple. If Agreed Hull Value, minus repair estimate with plus 20% contingency, minus salvage value, minus named storm deductible, equals a negative number it is an automatic constructive loss finding. What I find curious is Geico has a very aggressive depreciation clause, at least in my policy. On a 1980 vessel, barring any replacements in the past 20 years, they pay only 20 of machinery and cosmetic costs. So for example 80% of a new paint job would be on the owner unless a newer paint job was on the boat before the damage. What clouds this subject is the labor versus materials split, where labor is covered on some items and not others. Point is the return of the vessel to pre storm damage condition leaves the owner holding a good percentage of the overall costs.
As previously stated the insurance company wants the least expensive resolution. No sentimental consideration. It is just fiberglass and steel.
Pete
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Re: 1980 58’ Hatteras MY
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Re: 1980 58’ Hatteras MY
A perfect example of what Pascal is talking about. We had a new swim platform 48 inches built for our boat with all new stainless struts and a swim ladder for $4400.00 with an installation cost at the yard of $1,000. Got a quote from a good yard in town to build and install a new swim platform and they wanted $18,000 to do the same thing I did for $5400.00 with a sub contractor. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.
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Re: 1980 58’ Hatteras MY
Angela, if your boat was on the West Coast I would be jumping on it, it is exactly the kind of project that I love to do because I do about 90% of the work myself and I work cheap. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.