They borrowed the money to buy the boat.
..let the bank go ahead and repo the thing and pay the cost of recovering it.
Hey, it's the new Obamah Way!
That's some kinda nuts.
The boat has to have been insured.
We own a Percision 21. We financed about half of it back 12 years ago. We had to carry insurance because of the loan. We still pay to insure it, as it is much cheaper than replacement.