The above bolded quotes speak volumes and IMO must be heeded.
Unless the attorney is a maritime attorney specializing in admiralty law, I'd be be leery of his advice. With regards to reading and reviewing the policy- SPOT ON!
Donna, I'd reiterate what he said. You're a very smart woman, so I'd suggest you read the entire policy and if there are any clauses you don't understand then ask the insurer exactly what they mean. Here are some of the things I'd look out for:
Value-Is it Agreed Fixed Value or is it market value at the time. This is especially important with your improvements to the boat. It's not depreciating at this point.
Will they replace old parts with new or do they depreciate partial losses.
Do they provide indemnity to third parties and environmental.
Is it All Risks.
Does it exclude implied warranties of seaworthiness.
Does it cover even latent defects.
Salvage coverage. Does it provide salvage coverage on top of the value of the boat. For instance, if boat is totaled does it still pay for the salvage or does it deduct the salvage cost from the payout to you.
Now, it may well be your attorney is expert in all this and did a great job, but it's still, in my opinion, a good idea to read it all and know it yourself. If you are in some type of accident, you'll be the one who needs to react and know what your coverage is right then. Timing can be critical.
