Typically, if the estimated cost of repairs
is greater then 50% of the boats insured value, the insurance co. will deem it a Constructive (?) Total Loss, or CTL. If they deem it a CTL then they would pay you the insured value of your boat - but they will then own your boat. This is why some have mentioned 'buying your boat back' from the insurer for, say, $1000. You would then use the remainder of the claim money to repair
your boat, or, take the entire claim and buy a new boat (leaving your damaged boat as property of Boat US).
My boat was badly damaged from running away from her mooring in a storm. It was declared a 'CTL'. We bought it back for $800 and took the remainder of the money to repair
and replace the damages. The following year we were NOT able to get insurance from any provider because of the 'CTL' (Boat US dropped us like a hot potato). One of their up front 'red flag' questions when you apply for a marine policy is "Have you incurred a CTL within the last 3 years?".
I'm not sure how this will work out for you as Boat US is the insurer of another boater who was at fault.
My point is that you need to be a bit careful here. Padding the repair
estimate can back fire on you if you subsequently can't get insurance because of another persons mistake. If the repair estimate is less than 50% of the boats value you should be ok. I strongly urge you to contact your insurer to find out what your options are.
Pictures often don't do justice in this case but the damage you incurred is repairable to a like new condition. Off the top of my head I'd guess that the materials for the repair should not cost more then $1K but the labor rate can be quite high and add up quickly.
You might want to talk to Charles Bagget: Baggett and Sons Marine Restoration