Full Idea
No insurance company, presented with a policy written for 'Theoris' [the original ship] would pay for damages suffered if the ship contructed from the old planks had been shipwrecked.
Gist of Idea
Insurance on the original ship would hardly be paid out if the plank version was wrecked!
Source
Michael Frede (Individuals in Aristotle [1978])
Book Reference
Frede,Michael: 'Essays in Ancient Philosophy' [University of Minnesota 1987], p.66
A Reaction
A very nicely dramatic way of presenting what is taken to be the usual reading of the basic case - that the original identity tracks the continuity of the original structure, not the matter.