Definitely should of had it insured before casting off lines.
Many years ago, a co-worker of mine bought one of those go-fast-low-freeboard-high-decibel big, exposed, chromed engine ski boats and was trailing it home with the assistance of a couple buddies and a couple six-packs.
Someone suggested they try it out at a nearby mountain lake, which they proceeded to do. By all reports, they were having a great sun-scorched, beer infused good time right up to the moment when the engine conked out a hundred yards or so off the beach.
They were in the engine space, trouble-shooting when a passing loud-zoomer threw them a substantial wake and the immobile boat simply disappeared , leaving the three of them doing the breaststroke.
200 feet of water, no insurance.
Next day, a card appeared on the bulletin board at work:
FOR SALE:
Boat trailer, only used once, $25,000. Contact Don Rxxx."