What a sinking costs
The ship you were on, with her upgrades, her kits and her fittings. Everything in the hold. And 15% of your purse, which the surgeon takes. A False Hull washes 40% of the hold up in port afterwards, and nobody asks.
What it leaves
The rest of your purse. Ships at their moorings, as you left them. Every gate you ever broke. Your trophies, and what the Harbour Board has already paid. You go aboard the biggest ship you still own, and if you own none, what's left of your name buys a bare sloop.
The one you lost goes on the Wall at Saltmouth, with what killed her.
Your wreck
If she went down with gold, she stays down with it, and she will be on your next chart near where she sank. Sail to her and send divers down, and you get all of it back, wet. If a small hull goes looking for a big wreck, what does not fit goes back over the side, and the wreck is cleared either way.
About 35% of the time something has made a home of her. You keep the gold, and you fight for it. You only ever have one wreck on the chart: sink again with gold aboard and the newer one is the one that lies there.
Other wrecks
Other hulls lie out there with other names on them. They are the sea's own. No other player sank them, and nobody will miss what you take. About 50% of what they carried is still good, and the same things move in.