Another data point...
As a long time boat owner and reformed attorney(retired). I am most familiar with an Agreed Value policy or an Actual Cash Value Policy. In the case of a total loss an Agreed Value policy will pay the agreed value , no deduction for depreciation the value agreed upon is what you get less the deductible. In the case of an Actual Cash Value policy you would get the current value of the boat less the deductible but never more than than the face value of the policy. I assume in your case that the face value of the policy is the Stated Value. The Actual Cash Value type of policies are what cause the most problems as you think your boat is currently worth X and the insurance company says your boat is worth Y.
If your Agent cannot explain this, get a new agent. For a late model boat like you have I would go with a "real boat insurance company" and not one the auto or general line companies. The auto companies are fine for little power boats but not for 30 foot plus sailboats. I have 31 foot sailboat insured with a real boat insurance company and a 13 foot Whaler insured with the same company that insured my cars
Good points!
I believe that it is real important to have your boat insured by a company that writes what we used to call a "yacht policy" and not have it added onto an unrelated type of home/vehicle insurance. While the word "yacht" sounds a bit old fashioned these days, the modern equivalent coverage will have provision for an "Agreed Value" and it will also cover "polution abatement" and "wreck removal". Those later items are nowadays
required by marinas and moorages pretty often - nearly universally in my boating area.
While we have paid a bit more in premium over the decades, starting with our first 20 footer back in the late 70's, the peace of mind is worth something, too.
Presently we are with BoatUS and they accepted our boat at an agreed value of 65K. That may seem a tad high after several years of recession, but I watch the market and the occasional sisterships that sell for 50K to 55K have far less upgrades and improvements than does our boat. (i.e. it would take about a 65K total expenditure to come even close to replacing our boat, and it might run another 20K yet, at current yard labor rates.)
BoatUS has an interesting requirement regarding surveys, too. They survey a certan number of customer boats every year,
selected at random. We were not asked for a survey when we changed over to them. Friend of mine had this happen a couple of seasons ago, and his boat is pristine (so we know that they do not knowingly pick on a poorly-maintaned example). He passed with a couple of small upgrades required by recent changes in ABYC regs. Note that he did not "own" that survey and never received a full copy, unless he chose to buy it from BoatUS.
My experiences, for what they're worth.
