Join Date: Apr 2006
Thanked 173 Times in 170 Posts
Rep Power: 12
Re: Floated off the stands
Andreas, what is the boat, an Aloa something? What was the appraised or insured valued beforehand?
From your first pictures I can see one problem, a complete hull repaint would be needed, a fast $5-10,000. Now if the engine was submerged, another fast $3000? to repair it or $10,000 to replace it. Plus replacing all electricals in the boat if the engine indicates water was in the boat.
A little fast math, versus insured value, and if the company totals at 50% or even 75% ? Sometimes the math is wrong but given the cost of any kind of hull painting plus any kind of total engine overhaul, I can see it, without even trying to itemize other problems.
No surface corrosion would just mean no obvious signs of rust on the outside of the engine.
Once an engine has been submerged AND allowed to dry out slowly, it has to be totally torn down to be rebuilt. There will be rust and salt crystals all through it.
Sometimes, it is feasible to buy the salvage rights and fix the boat. Someone out there may very well decide that for two grand, they can live with a DIY paint job on the hull and swapping out the engine themselves, and for that the boat could be a bargain. Although, there may be a glut of storm-damaged boats on the market right now.