1980 58’ Hatteras MY

[Angela]

1980 58’ Hatteras MY

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.

 

[rsmith]

Re: 1980 58’ Hatteras MY

Knowing the pride and bond you have with Sanctuary this news is just gut wrenching! So sorry to hear this.

 

[SEVEN]

Re: 1980 58’ Hatteras MY

I was wondering what happened to you. I had not seen your posts for a while. So sorry to hear this devastating news. Best of luck.

 

[oscarvan]

Re: 1980 58’ Hatteras MY

I am working hard to get to the point where I would be able to jump on this. Unfortunately I am not quite there yet. I am sorry I can't help give this story a happy ending. I hope she finds the TLC she deserves.

 

[davidwigler]

Re: 1980 58’ Hatteras MY

I was wondering what happened to you. I had not seen your posts for a while. So sorry to hear this devastating news. Best of luck.

Ditto here. Take care and please keep in touch.

 

[Glory]

Re: 1980 58’ Hatteras MY

It is sad that an insurance company can dismiss a robust Craft that could be repaired.

 

[Pascal]

Re: 1980 58’ Hatteras MY

I am sorry to hear the news but i guess it s for the best since you were going to downsize anyway

I know Sanctuary pretty well and i have seen the minor damage she received during the storm. I went aboard right before she was towed to check on the bilges. If anyone is looking for a classic hatteras motoryacht, this is an opportunity not to miss. The damage is minimal and can easily be repaired for a fraction on the cost. My 53 is just down the river from Sanctuary both for the repower and hurricane damage repair. I have seen the work performed at the yard (angela, you ve seen the repaint on Midnight Blue) and they do incredible work at very reasonable rates. Yes, its all subcontractors but there is a core of really good guys working there and they are essy to deal with.

Again, this is one nicely maintained and upgraded classic hatt which needs a lot less work than implied by the constructive loss label

 

[Pascal]

Re: 1980 58’ Hatteras MY

It is sad that an insurance company can dismiss a robust Craft that could be repaired.

This has been a huge issue down here... adjusters are totaling boats which could be repaired. They dont care... they ll make uo the losses with increased premiums. We are paying for this waste.

 

[Boatsb]

Re: 1980 58’ Hatteras MY

If the boat was totaled because the repair cost was too high but it can be repaired for much less by really good yards in the area I think we have a questionable situation and the insurance company is taking it in the shorts.

That being said I'm not party to the whole story but it does not make sense.

If shes repairable but being totaled because of overpriced quotes that are not realistic someone is playing games. If shes repairable at below the replacement cost theres no reason to total her.

So I have to ask.

Whats she worth repaired?

Whats the cost of repairing it with the reasonable yards in the area?

 

[krush]

Re: 1980 58’ Hatteras MY

That being said I'm not party to the whole story but it does not make sense.

If shes repairable but being totaled because of overpriced quotes that are not realistic someone is playing games. If shes repairable at below the replacement cost theres no reason to total her.

It makes complete sense. The boat will need a full paintjob. What is that at, at least 50-70k? The glass work, at retail yard prices is probably 40k. All the other stuff. Insurance companies don't have to reach full insured value in repairs before they cut the loss and total it. The actuaries do this for a living.

I've hit a deer in and old car and had it totaled by the insurance company, and bought it back. The insurance company totaled it because the appraiser took into account everything that bambie damaged. I only repaired the absolute necessary for safe operation (I banged the hood straight and used walmart red spray paint...the new fender is still black, not red like the rest of the car). LOL

 

[Boatsb]

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 .....

 

[Angela]

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.

 

[Pascal]

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

 

[Toronto]

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

 

[egaito]

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

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!

 

[Finalee]

Re: 1980 58’ Hatteras MY

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.

 

[Pete]

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

 

[Angela]

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

I had an agreed value policy without a lot of that depreciation BS. They didn’t depreciate anything, not even the paint.

 

[Scarlett]

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

 

[Scarlett]

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