The answer is yes and no.
If you’ve just purchased a boat and want the purchase price listed as the value that’s not a problem. Or if you bought a bare hull and installed common interior and motor that shouldn’t be an issue either. Sometimes people go overboard when building their boat and underwriters can’t justify listing them for agreed values if no other boats with the same make/model are even close in price range. I remind people often that there is what we have into something and then there is what it’s actually worth.
A lot of times people buy a boat use it for a couple seasons and replace the interior, then want to increase the value listed on their boat. From the underwriters perspective all you have done is replace part of the boat you haven’t upgraded it at all, so typically they won’t increase the agreed value. With a motor you can increase value by putting more power in but keep in mind more power means your boat should be moving faster so be prepared for a rate/class increase.
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