We were in a guest slip in Oceanside once when an older guy docked next to us. He said his boat had sank in a slip and the insurance company actually had her hauled up, dried out, and refurbed everything. I was shocked. That hardly ever happens. But yeah they’ll do it with a $6million tall ship. I love the tall ships. I always meet them when they come in our harbor.
I did something similar a (long long) time ago. Bought a Catalina 27 hull that hadn’t sunk, but it might as well have. Put it on the hard for two years, and stripped everything, and I mean everything out. Put in new standing rigging, new sails, hung an outboard on the back for aux power and fitted out the cabin.
Man, I loved that boat. But I just had to have a “bigger boat”....the sailor’s curse.