By my math, they pay $125k
They deduct $15k for salvage value, new payout is $110k
Was your deductible already applied? Or is that to be deducted from the $125k?
How badly was the boat damaged? Fully submerged? Ran into a dock? Is the damage mostly cosmetic, and the cost of repair is due to the high cost of labor? Are you capable of doing the repairs?
Can the boat be repaired by a licensed, professional, COMPETENT repair shop for, say half of the amount they are paying out?
I know this is easier said than done, but do you want the boat back because you have an emotional attachment to it? Sometimes it's best to just let it go.
Run the $$ numbers!
Is the boat a type/configuration that suits you perfectly, and you haven't seen any more like it on the market?
How long will it take you to repair it? Now double that time.
Figure the estimated repair costs, then double THAT number.
Figure in the cost of insurance while you repair, and while the boat is not usable, also moorage fees, or yard fees if on the hard.
Figure out if you want to spend the next 3 months, 6 months, two years (you get the picture) working on/repairing the existing boat, or spend that time enjoying a new to you boat?
Also, consider that the "salvage value" that the insurance company assigned to the boat is often times a number picked out of thin air, or a number that they think you may quickly pay. The salvage value of the boat, in reality in only the number that they end up realizing from a sale after storage fees, advertising fees, and other fees are added it. Many times it is actually worth it for the insurance company to actually just GIVE you the boat rather than risk the intangible sale price that they may realize from a sale. They also have the risk that the longer the boat sits, especially if there was significant flooding, and the engine/mechanicals were not properly cleaned/preserved, that they won't sell at ANY price, and they end up having to dispose of the boat at their cost, PLUS all the costs they incur up to the point they finally dispose of it.
If it were me (and I hope to never be in your position) I would suggest to the insurance company, that due to the large number of hurricane damaged boats on the market, they may end up saving money in the long run by just giving me the boat, and I'll sign off that it is now totally my responsibility to take care of and be liable for. Who knows, they may very likely go for it!
Note # 1: On a side note, since they are "making you whole" from the total, if you don't buy the boat back from them, they are generally also on the hook for the sales tax on the amount they award you, since you'll have to pay that when you purchase a replacement boat. Works the same for automobile totals. If they deduct the "salvage value" from the payout, and you keep the boat, sales tax doesn't apply.
Note # 2: If the boat is a Federally documented boat, there is no such thing as a "Salvage Title", or Federally documented "Branded Title". If state titled, it's up to your individual state. Of course, at the time that you re-insure the boat, you are generally asked "has the boat ever sustained any major damage for which an insurance payout was made, or which was never repaired", or some such question. Best to answer truthfully!
Note # 3: If you "buy it back", all the fees from the date of the accident, including storage, salvage, towing, etc is most likely the responsibility of the insurance company, unless you agree to something else IN WRITING.
Best of luck in whatever you decide!