That's correct Glenn.  Some policys only cover total loss to the apraised value of the boat at the time of loss vs. the new replacement value.  My insurance is with BOAT US, and it will pay me the cost of my boat when it was new should it be destroyed and have to be replaced.  There are several companys that have this provision. When shopping,  you should ask them, because most don't volunteer the information that they don't have replacement value clauses.

Smitty

I'm pretty sure companies besides Boat US provide this type of coverage, however, I'm also pretty sure you must ask for it.  Boat US, because of their exclusiveness in offering only boat & towing insurance, makes this a selling point which caught my eye when I was shopping.  Addtionally even with this type of coverage, they were cheaper for a hi-po bass boat than any other companies I found at the time.  I've had two small claims with them and their cusotmer service in handeling my problems has been nothing short of outstanding.  You can find out more about them at their website-  WWW.boatus.com/insurance. ; As I recall you are able to get a quote from them over the net.
You should be aware that you are required to join the Boat US club and receive a subscription to two publications as a bonus.  The dues are $25.00 per annum and the two mags merit passing interest as they mostly deal with on the water safety.  Even with the dues, the annual premium on the Snakeboat was about $80.00 cheaper than any other company.

Smitty