Looking through the paperwork, I noticed that the previous owner was unable to insure the plane for its full value by about $5,000. They'd written him to justify the higher amount he'd tried to insure, and then rejected that justification.
I decided to go with what the insurance company claimed it was worth and look at the rest as a very high deductible. But the point is that their estimate of its value was too low by about $5,000.
