Re:[Paddlewise] FW: Value of a kayak project

Hi Capt. Donald,

"Donald R. Reid" <dreid9_at_earthlink.net> wrote:
>I have a difficult question ... I have to determine the value of a 
>kayak project ... double ... wherein the hull (strip built) was
completed ready for fiberglassing. 

To have this kayak rebuilt to this stage by a professional, you'll
probably pay (80 hr x 30/hr = $2,400).

If you figure your own time at a lower unit rate, say, $15/hr, which is
entirely reasonable, but at more time (you're not a pro--no offense
meant, just stating a reasonable guess), figure (150 hr x $15/hr =
$2,250).

You also have the value of the wood, glue, staples, forms, which can
easily run $200.

Give the adjustor these price ranges.  If they will settle with you for
$2,100-2,500, and that would be entirely fair.

Buying a completed handmade strip kayak can cost $2,500-$6,000.

Even if you have no 'paid' labor involved, you are still entitled to
the replacement cost.  If your roof is damaged in a hailstorm, they'll
give you construction replacement cost.  If you do the repair yourself
(to their satisfaction to the extent they'll re-insure it), you can
keep the savings as wages.

The biggest problem you may face is that there are no 'comps', or
comparative costs for similar kayaks.  It's one-of-a-kind.  But, don't
let them be convinced it has no value.  Half of retail is more than
fair.  It's half-complete.

At least you're going to be a data point for the rest of us, for how
the insurance company covers a kayak.  Albeit it was a "content" of
your damaged home.

Glad you're uninjured, too.

Shawn

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