Canadian Yachting October 2016 - 3

VANTAGE POINT October 2016 PUBLISHER Greg Nicoll 877-620-9373 * gnicoll@kerrwil.com MANAGING EDITOR Andy Adams 416-574-7313 * aadams@kerrwil.com ONLINE EDITOR Terri Hodgson 705-527-7666 * thodgson@kerrwil.com TRAVEL EDITOR Elizabeth Kerr 416-258-9948 * elizabethkerr@kerrwil.com ART DIRECTOR Allan Bates 416-485-9229 * allan.s.bates@sympatico.ca AD PRODUCTION Pamela Zimmerman 705-527-7666 * admin@kerrwil.com WEBMASTER Rory Green rorygreen@kerrwil.com CONTRIBUTORS Andy Adams, John Armstrong, John Lund, Rob MacLeod, John Morris, Clarity Nicoll, Katherine Stone and Marianne Van Toor ADVERTISING Mark Collett 604-351-0211 * markcollett@kerrwil.com John Armstrong 289-962-1310 * johnarmstrong@kerrwil.com Jim Negen 320-281-7454 * 855-484-7200 * jnegen@kerrwil.com Ian Gilson 905-719-5152 * igilson@kerrwil.com Mary Nicoll 905-535-2866 * mnicoll@kerrwil.com PRINT PRODUCTION Eileen Walsh 705-527-7666 * eileenwalsh@kerrwil.com CIRCULATION Elissa Campbell 705-527-7666 * elissacampbell@kerrwil.com ACCOUNTING Michelle McKerness 705-527-7666 * michellemckerness@kerrwil.com Canadian Yachting is published by ADASTRA MEDIA INC in association with KERRWIL PUBLICATIONS LIMITED. HEAD OFFICE 538 Elizabeth Street Midland, Ontario L4R 2A3 Tel: 705-527-7666 Fax: 705-527-7662 www.kerrwil.com ADASTRA Media John W. Kerr Jr.-Director and Managing Partner Greg Nicoll-Group Vice President Canadian Yachting is published six times a year. Subscription Rates: 1 year $31.95 + tax; 2 years $47.95 + tax Outside Canada: 1 year US $52.00 Prices include GST Registration #R102819539 The contents of this publication are the property of Kerrwil Publications Limited and may not be reproduced in whole or in part without prior written consent. We encourage letters to the editor, submissions and query letters from writers and our readers. For material to be returned, please include a stamped, self-addressed envelope. Occasionally, we allow the use of mailing lists to firms offering products and information that we feel may be of interest to you. If you do not want your name made available, please return your mailing label to us marked DO NOT RELEASE. We acknowledge the financial support of the Government of Canada, through the Canada Magazine Fund toward our editorial costs. Send all address changes, post office returns and subscription enquiries to: Canadian Yachting 538 Elizabeth Street Midland, Ontario L4R 2A3 T: 705-527-7666 F: 705-527-7662 E-mail: elissacampbell@kerrwil.com Canada Post Mail Agreement 40065481 ISSN 0384-0999 Return postage guaranteed What Is Your Boat Worth? What Is Your Summer Worth? When it comes to the value of your boat, you may say, "It doesn't matter - it's not for sale anyway". But, there are important reasons why you should have a reasonably accurate idea of what your boat is worth to sell it, repair it, or to replace it. First and absolutely, making certain that you are adequately insured requires that you and your insurer agree on the value in case there was ever a total loss. I should also mention that more and more of the better marinas will not launch a boat unless it carries adequate insurance. This is in case the boat were to sink in its slip, catch fire, or suffer some other catastrophe. What is your summer worth? Only you can set a price on that but here is my point, how much should you spend on your boat if it needs work, for example in the case of an engine that fails, or if you discover a structural issue that needs to be repaired? I was at a marina recently talking to the head of service. He told me a few interesting customer stories from his thirty-five years of experience and he also shared a sad one. This could happen to almost anyone. In this case, a couple decided to go ahead with major repairs on their boat. The repairs would be much less than buying a new boat, they liked the boat and they knew all the other aspects of it were sound. Still, the structural repairs were major work and the bill would be big. The quote for repairs came to $50,000, but they went ahead and the boat was then in top shape. The sad part is that one of the partners in this couple then encountered an unexpected health problem and suddenly, using the boat was no longer possible. Unfortunately, the market value of the boat, even after the important repairs, was barely half the cost of the repairs that had recently been completed. In this case, the owners went in with their eyes open; they had really enjoyed the boat over the years and as unfortunate as the circumstances were, they accepted their loss. How much is your summer worth? Probably a lot! After all, how many summers do each of us get in a lifetime? Never as many as we would like, especially those summers when we can enjoy great times with our family and friends out on our boat. At this time of year, as you prepare to haul your boat out for the winter, we have two suggestions; learn the realistic replacement or re-sale value of your boat and then have your marina or repair yard use this coming winter for maintenance, repairs or upgrades, to put it into at least good enough shape that you are reasonably assured a trouble-free summer in 2017. The main thing is to enjoy a trouble-free summer in 2017 but should you need to sell the boat, or decide that this is the year to replace it with your dream boat, you will be best able to decide what to do. Andy Adams-Editor subscription.canadianyachting.ca www.canadianyachting.ca 3 http://www.kerrwil.com http://subscription.canadianyachting.ca http://www.canadianyachting.ca

Table of Contents for the Digital Edition of Canadian Yachting October 2016