I inherited a Fairclough cover when I purchased my boat. The cover is over 11 years old and still doing pretty well. UV has taken a toll on the threads (very strong, high quality thread was used) so I had the seams restitched this past summer.
After a few years, consider spraying the cover down well with a protectant to shed water and guard against UV. That should lengthen its lifespan even further.
It's really nice not having to worry about tarps when the wind picks up, I'm sure you'll really enjoy it.