I take your point but the way insurance usually works in Europe is that you get the market value of the insured item, less wear and tear.
The 'deductible' (excess) usually means you get less than the replacement cost of the item which could in theory mean Dowlys mam still owes money (unless she got a real bargain originally).
One exception is vehicles usually, where you can take out a Fully Comprehensive policy that ensures your vehuicle is either repaired or replaced with 'like for like'.
Unless the boat is worth a lot more than the repair cost the insurance may well just 'write it off'.
