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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