Originally Posted by sailingfool
.. just that I believe that the insurance company presented with a good survey of a vessel, is likely to extend insurance for it, even if the insurance company knows it had a bent toe rail in the past, as long as it has been repaired to a surveyor's satisfaction.
the current insurer has, or will shortly be identifying this boat as a CTL...no matter what we or the OP has put forth, toe rail be damned. It is a very small world.
Survey or not, paperwork/statements that swears it is as good as prior to the CTL...NO reputable insurance company will insure this boat for more than a few hundred dollars, if that.
Simply not going to happen. They have paid out the value of the boat, ONCE, and will not do so again. Nor will they be responsible for any liability associated with this boat.
Buyers of, or potential buyers of "bargain" boats should really ask their insurance agent for binders and get all their concerns addressed, up front. I stand by my previous post.
Caveat Emptor. And especially people who buy back a CTL.