The insurance companies frequently use "Re-Insurance" to spread the losses and thereby the increased business viability.

Some the boats have depreciated values. Some are new(<1 year), and agreed upon value at or near purchase price.
My boat had a 4% deductible for named storm (double the baseline deductible).

Still awaiting surveyor's full report (the less than totaled usually take more time than the obviously totaled yachts)