Re: Aloa 34 (1974) available for "salvage"
So you can either receive full insured value - $18,000 - and the insurer gets the boat- or you can receive full insured value minus 10% salvage value ($1,800) - $16,200 and keep the boat?
Do you mind sharing how much have you put into it beyond the initial purchase price?
Given all the problems with boats and basic services in your area, I doubt there is much of a resale market there, or even the opportunity to fix a boat up anytime soon.
If you do a forum search, you will find some threads on owners who had to make the same decision, and whether they were ever able to insure or sell the salvaged vessel.