Keysrock35

Appraisal for POS Boat

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Posted (edited)

Hi all, for insurance and registration purposes I need to obtain an "appraisal" for a POS 20-something 1960s fiberglass sloop with no mast, no sails, no engine and needs a deck job - that I acquired for free. There are no like boats that have ever been sold on the public market such that I can use KBB or Nada or boat trader. 

I cannot use the lead "scrap value" for my purposes and I do not want to PAY a company to laugh at me and tell me that the boat is worthless...I'm not allowed to declare the boat worthless. I'd pay a nominal fee I suppose. 

Any ideas on how I can get a legit appraisal value? I'd be happy to be able to demonstrate the boat being worth $100? $200? etc. 

 

Edited by Keysrock35

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Why are you registering and insuring a project hull?

Wait until it's an actual boat.

As you describe it, it has negative (disposal) value.

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6 minutes ago, SloopJonB said:

Why are you registering and insuring a project hull?

Wait until it's an actual boat.

As you describe it, it has negative (disposal) value.

Need it in order to obtain clear title. I don't want to do all my work and then not have clear ownership. 

Can't get title without insurance, can't get insurance without appraisal. 

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Take a photo of the boat and the Vin Number. Take that to an appraiser and see if he/she  will write something up for a nominal fee. 

You might try  it with the insurance company first 

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Go back to the person you 'acquired' it from, give them a peppercorn and get them to sign a bill of sale. 

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Scrap it, you have a hull and keel all the expensive shit is missing.  

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I would insure it with Progressive which is done entirely online.  They don't even ask for pictures.  Just do that and insure it for a reasonable value and then you should be able to get the rest done.  Even if Progressive isn't your insurer of choice (I have four sailboats and a powerboat insured with them), just do it temporarily while you work on the boat.  Then get to work getting the deck done and finding a mast.

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From the comments above, it is all sorted....

Buy it for a peanut to clear title and then don’t bother getting insurance until you have enough value added to make the premium (and excess) worthwhile.....

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6 hours ago, LB 15 said:

Go back to the person you 'acquired' it from, give them a peppercorn and get them to sign a bill of sale. 

Guy I got it from is dead, he never titled it. Guy he stored it for is dead. 

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5 hours ago, WCB said:

I would insure it with Progressive which is done entirely online.  They don't even ask for pictures.  Just do that and insure it for a reasonable value and then you should be able to get the rest done.  Even if Progressive isn't your insurer of choice (I have four sailboats and a powerboat insured with them), just do it temporarily while you work on the boat.  Then get to work getting the deck done and finding a mast.

Will they do surety bonds? Because that's what I need from the insurance company.

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10 minutes ago, Keysrock35 said:

Guy I got it from is dead, he never titled it. Guy he stored it for is dead. 

Wow. You should rename it Tutankhamun's Tomb.

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36 minutes ago, Keysrock35 said:

Guy I got it from is dead, he never titled it. Guy he stored it for is dead. 

Now it's your turn.

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44 minutes ago, Keysrock35 said:

Will they do surety bonds? Because that's what I need from the insurance company.

Two birds one stone. Contact the Gowrie Group who does insurance for US Sailing.  We have our insurance for the Park City Sailing Association through them and they gave us a Surety Bond on a Laser that had insufficient evidence on the title. The bond was $100 I think for 7 years.

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What sloop said above, that hulk has considerable negative value, i.e., worth much less than nothing. 

Do you grasp what that means? You will have to spend thousands of $ and your time to bring the value up to zero. 

Well over 90% of boat restoration projects are never finished, and there is a reason for that (see above). 

Sorry to be the one to break that to you, but I may have saved you a whole lot of time, money and aggravation. 

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Since there is no mention of what the vessel is, I agree with others on here. Let it go. When you finally tire of it, you're going to lose money just to trash it. Is there some inherent value to this particular vessel? is the value to just you or is there a market value to it once restored?

I'm not totally against boat restoration projects because they lose money, every restoration does. Go buy a classic car and try and restore it...

But there has to be something there worth restoring. Some things are best left to die.

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8 hours ago, WCB said:

Two birds one stone. Contact the Gowrie Group who does insurance for US Sailing.  We have our insurance for the Park City Sailing Association through them and they gave us a Surety Bond on a Laser that had insufficient evidence on the title. The bond was $100 I think for 7 years.

Sweet, thanks - will give them a call today.

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38 minutes ago, OutofOffice said:

Since there is no mention of what the vessel is, I agree with others on here. Let it go. When you finally tire of it, you're going to lose money just to trash it. Is there some inherent value to this particular vessel? is the value to just you or is there a market value to it once restored?

I'm not totally against boat restoration projects because they lose money, every restoration does. Go buy a classic car and try and restore it...

But there has to be something there worth restoring. Some things are best left to die.

I've been down this path before, so I know what I'm in for. Unfortunately, it happens to be the most valuable object in the universe, so there is no option to NOT save it.

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5 minutes ago, Keysrock35 said:

Unfortunately, it happens to be the most valuable object in the universe, so there is no option to NOT save it.

Do as you wish, but this statement above is precisely what we're encouraging you against. It's always a good idea to have a "walk-away" point. Some kids Opti is his "most valuable thing in the universe"...

Good luck. RIP OP's wallet.

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Show us what it is. Out of Office has asked the questions we all want to know. You have simple good answers (Gowrie for sure and teh PRogressive eiother should work) but theis is Sa where we don't just want to answer, we want answers tpoo.

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26 minutes ago, Keysrock35 said:

it happens to be the most valuable object in the universe, so there is no option to NOT save it.

Then you should have no problem paying full price for a complete appraisal. 

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some insurance companies want an appraisal, some do not. Shop around until you find one that will write you up a policy without one.

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13 hours ago, Keysrock35 said:

Guy I got it from is dead, he never titled it. Guy he stored it for is dead. 

check with the state and tell them you received an abandoned boat, with no owner, they'll tell you what you need to do...  especially if it's an older boat

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I would not ever want a boat that did not have a clear title.  Let's say you restore this boat and put $10,000 into it.  Along comes the owner's son, title in hand, with the Sheriff, and drives off with it.  You made a gift of $10,000 to the owner.

Track down the old owner's family, find out who the Executor or Executrix is. Tell them what is going on and how you wish to attain clear title from them.  If they don't have the title, tell them you are willing to pay the State for them to get a duplicate title.  Once they receive that they can assign that title to you.  You might remind them that they have the liability of this boat as long as they have not transferred title and it is in their best interest to dispose of this property properly.

If the boat has a trailer, you will want to do the same thing for the trailer title.

 

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So what’s the boat already? 

It can’t be the most valuable either, I have 13 of those

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5 hours ago, Keysrock35 said:

 Unfortunately, it happens to be the most valuable object in the universe, so there is no option to NOT save it.

Talk about leaving us hanging!! WTF, is the boat?

BTW, as a Certified Marine Surveyor for some 27 years now, I would turn this request down!

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1 hour ago, Hitchhiker said:

Talk about leaving us hanging!! WTF, is the boat?

BTW, as a Certified Marine Surveyor for some 27 years now, I would turn this request down!

Why? It seems like the easiest survey ever. “Needs replacing” should cover every item.

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12 hours ago, Grande Mastere Dreade said:

check with the state and tell them you received an abandoned boat, with no owner, they'll tell you what you need to do...  especially if it's an older boat

State said I need a surety bond. Surety bond company says I need appraisal and insurance. Back to OP.

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3 hours ago, Keysrock35 said:

State said I need a surety bond. Surety bond company says I need appraisal and insurance. Back to OP.

Back to what VWAP said. If it’s that important to you, pay the appraisal and get it insured. Sometimes there’s no shortcut and it appears this is one of those times. Just don’t bother with Hitchhiker’s appraisal...

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From my prior experience an insurance agent that sold surety bonds, the only appraisal required for a surety bond was the client's wallet size.

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If those were hints, I’d hate to have a conversation with you that included facts!

 

sarcasmically written over coffee

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In NJ,if you have an “abandoned” boat, contact the Marine Police. They come to the boat to inspect it to determine I’ there are hull identification numbers and to check against Leins and theft. If they determine that the vessel is not Leined  or stolen, they will issue paper work that can be taken to the motor vehicle commission or department and issue the boat a HIN plate with new numbers on it. A boat that old has no HIN numbers...

You can also consider saying it’s a home built boat and getting a Coast Guard inspection of it for title purposes.

Those are my pearls of wisdom.

An oyster just wants that grain of sand to stop bugging it, thinks of pearls as puke or shit or something like that

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Yeah but this is Ohio. The state that banned windsurfers.

Unless the OP is in Michigan in which case I have no insults to provide.

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State Farm insured my boat with no survey or appraisal.  Just wanted the HIN and description.

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A licensed Yacht Broker or one of his/her salespeople should be able to assess it for you.  Back in my yacht salesman days I appraised a few boats.  One for a divorce settlement and the others were some POSs that a storage yard wanted to get rid of.  I charged the divorcee a nominal fee and the storage yard 'paid' me with an old Rhodes 19 that would otherwise have ended up in the dump.  My buddies and I must a done hundreds of after-work day sails on the Oakland-Alameda Estuary on that Rhodes.  It was undoubtedly the most fun boat I ever owned.

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