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I looked at my policy today through Geico marine. This is what it has for partial losses. Doesn't seem that great. We are insured outside of the US right now for sailing in Mexico. It costs about 1600 per year.
Repairs for Partial Loss
“We” will pay the reasonable cost of
repairs or replacements, in accordance
with quality marine repair practice, less
depreciation. Depreciation shall be
calculated at 10% for each year
beginning with the 20th year from
manufacture. In all cases, there shall
remain no less than 20% residual value
regardless of age. In the event of
damage to plywood, plastic, fiberglass,
metal, cement, or other molded material,
“we” are obligated to pay only the
reasonable cost of repairing the
damaged area, in accordance with
quality marine repair practice. If there is
a covered loss requiring repainting of an
“insured boat,” “we” will pay the cost
of repainting or resurfacing the
damaged area in accordance with
customary marine repair practices so
that the area repaired will match, as
closely as practical, the original color.
“We” have the option to make or
reimburse “you” for repairs or
replacements, or to pay “you” directly
based on an agreed estimate of loss.
Repairs and replacements will be made
with like kind and quality.
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