Gee your insurance in the US sounds all like "a black art" that only the "initiated into the cult" understand. Here in OZ our marine coverage works exactly the same as our car insurance (some insurance companies marine policies are even on car paperwork) We insure the cat for a "new replacement" value and that covers all/ any damage to our boat, plus damage to any other craft if we are in the wrong, (the age of the boat is not a consideration) as well as having a 5 million dollar third party cover in the case of us causing injury or death to any third party(s). Also by being a financial member of a sailing club we also have an automatic cover by Yachting Australia that covers our personal injury or others injured by us. Without those covers no one can sail/race in any officially "organised“ sailing event. It takes any financial concern away from sailing/racing anywhere in Australia