So the insurance company just got back to me with the salvage value
"The salvage value would be $3,000.00"
Darn. What a conundrum. Should I keep it? We have done so much dang work on it. Last summer we redid the teak decks and all of the brightwork is ready for finishing (I have not finished agonizing over what type of finish or to leave them unfinished). The engine room is nice and tidy. I have an engine (ford lehman from a tractor) of my own ready to go into it.
I wonder what I could get for it if I repower it?
Seems like a real pity to let it go to salvage. Does anyone know of an insurance company that will just do liability?
Dang - mp... I feel for you. Hope it all works out for the best in long run. How's the hull fasteners? Been refastened recently? That in its own accord can elevate value of wood boat... both for keeping or selling-price reasons.
Simi, my every-other-year wax job runs me about $50 for the wax and a beer or two at the end of each day. I do it with the boat in the water and wax the hull from the dinghy. I take my time and enjoy the labor of love of waxing. Same thing with oil changes, impeller changes, etc. I love the DIY stuff that I can do on the boat.Whilst I agree that a fiberglass boat most likely will have less maintenance the difference in the initial cost of purchase can possibly buy a lifetime of timber boat maintenance.
Your tin shed berth and every other year wax job will probably cost more than my maintenance costs for several years living aboard.
Just a berth here is over $1000/mth
Tin roofed ones are non existent but if they were available they'd probably be double, so $25,000/year.
And as to the "hundreds of thousands" that someone mentioned earlier, I bought the boat in early 2010 after it had been at the broker's docks for almost 2 years. Oh, and did I mention it was in Detroit where unemployment at that time was about 35% . If you know how flooring works, you know he had his own money tied up in the boat and was glad to see it go.
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My tin shed berth is 20' x 60' and runs me just a tiny bit north of $250 per month. Probably not much more than a smaller, uncovered slip in most areas of the USA.
And as to the "hundreds of thousands" that someone mentioned earlier, I bought the boat in early 2010 after it had been at the broker's docks for almost 2 years. Oh, and did I mention it was in Detroit where unemployment at that time was about 35% . .
A few companies do offer liability only- some do require a survey, especially on wood boats. Make sure you check what is (and what is not) covered, including pollution and wreck removal.
Repowering is as expensive as your mechanical skills .
Art hits the nail on the head once again!
So even though the insurance company put a $3k salvage value on the boat they are giving me a first right of refusal and letting me bid a lower amount .
So the question is - what is the value of a mortorless 1972 Grand Banks 32? Lets assume here that the hull, prop, propshaft, rudder and everything else is very sound. There is small patch of rot on the fly bridge right at where the ladder attaches to the fly bridge on the port side. Other than that the boat, if she had a fresh coat of paint on the pilot house and had the brightwork finished (all varnish has been removed and is down to bare teak) would look pretty terrific and would be in good shape.
I don't know, wood or not, this is very tempting to keep. i know some posters have said take the money and run and move on to fiberglass but as a rebuttal to that I have the following link for you. It just goes to show fiberglass has its own issues (or maybe boats are worth something in tip top shape). Boats are n expense no matter what!
https://ventura.craigslist.org/boa/d/28-cheoy-lee-trawler/6541693097.html
Would you have kept it if the motor had not failed? Do you still like the boat? If yes, you are halfway there.
What are the alternative replacements? What will they cost? What`s your confidence level about the possible replacements? Do you like them as much as the old boat?
You are getting an insurance what sounds like a total loss payout for an engine failure,and a chance to buy back in for less than the insurers scrap value. You are quite right about fibreglass, it has it`s own issues.
I don`t have the figures, but do the math. What will the used replacement Lehman cost, can you get one,are there hassles fitting it?
Good luck, hope you find a solution that works for you.
What that proves is that boats can be well built or poorly built. By using various quality material choices and/or levels of professionalism in build methods. In other words... problems may [can or could] develop on a boat that has ample age. That includes wood, fiberglass, steel, aluminum, ferrocement and all other material types.
BTW... I don't recall your answer to my ask on post 63 if the hull [bottom] fasteners in your boat had been replaced and if so how long ago. In addition to rot and worms in wood as boat hull bottoms age, the material type and condition of fasteners is of monumental structural importance as well as $$$ value of the old boat.
Hull looks pretty sound (i.e no obvious bulging planks) . The yard master thought it was in fantastic shape.
mp - As you have duplicate spare diesel engine at hand, marineizing it seems not too big of a deal using parts from original diesel, boat looks and sounds to be in great condition... ins co will pay you some money and you can buy the boat back a discount salvage price. What's the question??
Seems to me if I were in your spot I'd follow through and have a "salvaged" boat with new engine. Then, if you decide to sell at any time you have a functioning pleasure cruiser to offer. Worst case scenario is that if you keep boat for years that you may need to refasten it yourself. Bitch of a job but doable! Other scenario is that yards refuse to berth or haul wooden boats; don't think that will be every yard for boat kept in good condition such as yours is.
Only real caveat to be aware of is actual condition of the replacement "tractor motor". Not sure how you get it's condition fully checked out while it's sitting completely unattached; i.e. not easily able to be started. Partial tear down maybe? Do you know its use history. Seen or heard it run before purchase? Know the hours on it as well as maintenance records?
Good Luck!
Art
I like that. But several things here, and its probably an old saw,, but a wooden boat owner will know when its time to not own a wooden boat. But "polishing" a wooden boat all along while owning it actually reduces your work and expense if you choose to ignore it.And he'll still need a truckload of extra cash to make up the difference to get the same in plastic.
Timber boats aren't that bad once you stop treating them like French polished furniture and start treating them like a timber work boat or shed.
So - I have a 32' Wooden Grand Banks (1972). I love it. The hull is sound and its in good overall condition. There is nothing I dislike about it but I do dislike that it suffers what appears to me to be a prejudice* (justified or not) against wood boats. Wooden GB's are a fraction of the cost of their fiberglass descendants.
My dilemma is this. I suffered an engine loss which the insurance company, after its own examination has decided too cover.
The "problem" is all of my estimates for replacing the engine etc are coming in at over the insured value of the boat. I have not received final word yet but I think in the next day or so I'll be faced with having to make a decision about whether to take the entire settlement check and sign over the boat to the Insur Co or to take less than the full amount and keep the boat. If I keep the boat I would attempt to repower it myself on the cheap.
I am wondering though if its time to move on to a fiberglass model. Should I take the money and run and let my beautiful ship be sold off and parted out?
Having thought it over I realize the only reason I am tempted is because of the aforementioned overall prejudice against wood. The harbors, the boat labor force and other marine related businesses, even the insurance companies and certainly the boat resale market in southern California do not seem all that amenable to wooden hulls. I wonder what it will be like in another 5 years. Maybe wood will make a resurgence? Frankly I hate fiberglass but perhaps its time for me to throw in the towel.
Why is that?......More and more marinas here won't berth, haul or dry dock them. ................
Perhaps boat yards should ask to see the last survey, like insurance companies.While rare, some wood boats have gotten so soft that they can’t sit on their keels. As the operator lifts the boat the keel is pushed up through the bottom of the boat. If the operator doesn’t notice this in time the boat becomes damaged. Then you get into a who’s fault is it law suit.
Why is that?
Originally Posted by Art View Post
......More and more marinas here won't berth, haul or dry dock them. ................
Because they have old Wooden hulls.
Perhaps boat yards should ask to see the last survey, like insurance companies.
Don't haul or offer moorage unless a recent one is produced. We do trust surveyors to find these problems.
Insurance here has asked for one every 5 years. So if 5 years is good for insurance, then what do boat haulers know differently. I can understand no moorage without insurance or at least a liability insurance.Problem is when you can't come out of the water without survey
Can't get a survey without coming out of water.
Insurers here are now insisting on condition report "survey" every 5 years
Boatyards and marinas are insisting on insurance
Insurance here has asked for one every 5 years. So if 5 years is good for insurance, then what do boat haulers know differently. I can understand no moorage without insurance or at least a liability insurance.
Must not be reading in the right places about the issues with wood boats causing this concern.
Glass blisters and delaminates.
Maybe it is simply that marinas no longer have to beg to fill a berth and can become picky choosing the $$$$$ boats only.