My boat happens not to be one, but I have always wondered what happens when somebody adds enough to a boat that they have way over what the book value states ($20k custom paint, $30k stereo upgrages, $50k engine upgrades, etc). If the boat is totalled, what does the insurance company pay out? If you pay for an "agreed value" policy, and somebody else wrecks your boat, will their insurance pay the higher "agreed value"?

Are added items like stereos/speakers/monitors considered part of the boat, or personal property?

With custom paint, would the insurance company pay for a complete paint (or at least a side) if a scrape was put into the paint?

I have been told that if you have a $100,000 boat, but only insure it for $50,000, that the insurance company would only pay 50% of any claim, minus deductible. Is that true?

Last year in Party Cove, a Water Patrol told me that any damage that would happen in there would all be "no fault", as that is the risk of going in there. Any truth in that?

Pardon all of the questions, but I have often wondered these things, and it seems like there are some real pros in here. Thanks in advance.

If you underinsurer you boat they have something called
co insurance. Thats where if your linsured value is less than 80% of the actual value of the boat they pay the loss based on a percent deturmined by dividing the loss by the actual value of the boat .
Thats how they keep you honest.

I pay extra for personal property such as all electronics and any water toys that may be stolen from the boat,which i had to send pictures of all electronics installed in said boat.

be careful of free info on the web, we do insurance litigation & my dad is a judge-simple rule read your policy first-no one wants to-but that controls