Red Herring was an extremely famous boat. This is not just some throw-away. She is a living piece of history. Wooden Boat did a great article on her some years back. She has a very good track record. I am not sure about the insurance issue, but a boat that is this well documented should not be that difficult to insure and would be a real kick to own.
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Curmudgeon at Large- and rhinestone in the rough, sailing my Farr 11.6 on the Chesapeake Bay and part-time purveyor of marine supplies