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  1. #11

    Re: 1980 58’ Hatteras MY

    Krush Im referring to the statement that the repairs could be done by a great yard at well below the estimate .....
    Scott
    41C117 "Hattatude"
    Port Canaveral Florida.


    Marine Electronics and Electrical Products Distributor.

  2. #12

    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.
    Ang
    1980 58MY "Sanctuary"
    www.sanctuarycharteryacht.com

  3. #13

    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 buy
    Pascal
    Miami, FL
    1970 53 MY #325 Cummins 6CTAs
    2014 26' gaff rigged sloop
    2007 Sandbarhopper 13
    12' Westphal Cat boat

  4. #14

    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

  5. #15

    Re: 1980 58’ Hatteras MY

    Quote Originally Posted by Toronto View Post
    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
    4 Staterooms, 4 heads, galley up.
    15'10 beam, 8v92's

    With her loss, I am "Hattless" for the first time in 17 years.....I sure do hope someone brings her back, and
    to see her again on the water. C'Mon Krush! You like a project!
    Ed G.
    Misty
    '68 41C
    Sanctuary
    '80 58 Motoryacht
    100 Ton Master, Near Coastal
    http://www.boat-heaters.com

  6. #16

    Re: 1980 58’ Hatteras MY

    Quote Originally Posted by angela View Post
    as some of you may know, sanctuary was damaged during hurricane imra. The damage is mostly to her port side, as well as the loss of the swim platform and the port spray rail. Salt spray inundated the engine rooms, though her engines were not submerged. She took on some water from an unknown source, but the pumps did their job and the floors on the lower level were not compromised. Water did come in contact with the bottom of the port transmission, the water line is about 1/2 way up the shaft/coupler, and possibly the bottom of the port engine oil pan while she was heeled over in the wind. She did not sink and was not holed. Water got into some of the bilge areas through a hose that was pushed off of a sea chest in the port engine room when the hull at that spot flexed when it came in contact with a piling. The hull side at that point of contact is abraded down to fiberglass, but not holed....she beat the finger pier before it beat her. Hatteras vs marina, again the hatt wins.

    We took the boat to the yard for repair. After our insurance company assessed the repair bill in conjunction with our policy limits, they decided to consider her a “constructive total loss”. Yes, the yard’s repair bill was quite high. That yard is high end and does some of the most awesome work i’ve ever seen. They are proud of their work and "the" yard i would want to bring her back.



    This hatteras can be repaired for a lot less, especially by someone who can do some fiberglass and paint work, but i do not have the time nor the facility to do that. This is not a weekend job, and i would only have weekends to work on it. Geico (boatus) has offered me first refusal for the salvage and placed a $40,000 salvage value on her which i’m sure is negotiable as there is a line in the paperwork that is labeled "your offer". There is a lot of salvage value in the boat for someone who has the time to make the repairs or supervise the repairs by subcontractors. We looked at her hard after the storm, and even hired an independent surveyor to have a look at her. We found no broken tabbing and no damage below the waterline, nothing that leaves us in doubt of her structural integrity. For those that don't know the history of updates we've put into this boat, all heads have been replaced with vacu-flush systems. The ac system has been updated to self-contained units for all but the salon area, the galley has been completely remodeled with modern appliances (although the fridge died an early death before the storm).

    I wanted to put this out here in case there is any hof’er who would be interested in taking on this project. I do have extensive photos and can go into more detail about what we've found, but frankly don't have time to post pictures and answer a lot of questions just for entertainment value. If you truly have genuine interest in saving this boat (or know someone that does), i will share everything i have and make myself available to answer further questions. If i had the free time, i would buy her back, take care of the high margin stuff myself and have an incredible boat for a damn good deal.



    If interested, let me know and i can put you in touch with the adjuster. I understand geico will be moving the boat by the end of january, but i do not know where they will take her to put her on consignment.
    sent you a pm.
    Fred
    31 Tiara Open
    "Escalation"

  7. #17

    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

  8. #18

    Re: 1980 58’ Hatteras MY

    Quote Originally Posted by Pete View Post
    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
    I had an agreed value policy without a lot of that depreciation BS. They didn’t depreciate anything, not even the paint.
    Ang
    1980 58MY "Sanctuary"
    www.sanctuarycharteryacht.com

  9. #19

    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.

  10. #20

    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.

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