As both Gordon and CaptT have stated The D4 will operate out of derate mode without issue as long as the Raw water system Is clean and maintained. The D4 will run at 185F at high cruise which is perfect. In a perfect world it should stay at 185. When a cooling system is restricted from water flow, because of fouling, system design, or a mechanical issues ( Water pump) It will start to run warmer and close to the thermostats upper operating range.
In a perfect world if the engine has a properly sized exchanger. The Raw water pump has the capacity to pump the designed water flow to the exchanger to cool it, and the boat has a properly installed raw water plumbing from the hull to the engine. The ambient temperature of the cooling water is 86F or lower the engine should operate within the parameters of the engines installed Thermostats. In the case of Volvo Penta the D3, D4, and D6 this would be 176F +/- 2F to 202F. The engines design is to maintain a temperature in the middle of the thermostats range at the highest demands of the engine which would be 188 to 190 F.
The engine manufactures know that there will always be unpreventable variables to maintaining a cooling system that will cool the engine with designed efficiency. Impellers wear, pump housings wear, exchangers start to foul, after cooler begin to foul, strainers foul and the boat owner will notice an elevation in the operating temperature of the engine and know there is required maintenance.
The one variable that is not included in the unpreventable variable is the engine manufactures recommended installation that meets or exceeds the specification of design of the installation.
The only Fluid Motion model (C30 Volvo D6 370 hp) that I have been on or operated that I have seen the engine operating temperature maintain an even temperature of 185 F through out rpm range has an install that meets the installation recommendations of 2". I went on a sea trial C30 2015 D6 370 hp operated the engine from 2000 rpm to 3500 rpm and the temperature never changed. It maintained 185F . This Sea trial was in Florida. I held the throttle at WOT for 5 minutes @ 3500 rpm then dropped to 3100 rpm and back up again to WOT and the temperature never moved 185 F. This particular boat was used and in average to below average condition and had evidence of maintenance neglect. I did get an impressive 21kts at WOT. Boat was light and 1/2 tank of fuel no water but still an impressive performance and ride. I'm told the 435hp is even more impressive.
Has per declagett post. That is a perfect example of the deficiency of the plumbing. He has increased the size of the thru hull seacock but maintained the same plumbing using 1". His engine at max output of 150 Hp is operating at 187 F at high cruise and 196F at WOT in water temperatures that do not exceed Volvos design. This D3 150hp engine has the same exchanger, aftercooler, raw water pump and exhaust elbow ( identical raw water cooling system as a D3 220hp) The energy produced is considerably less so the heat generated would be less( 8 GPH fuel burn compared to 12 GPH fuel burn). It is also pushing a boat that weighs less (1000lbs)+/-. Now operate a D3 engine that is producing 70 hp more with the same raw water installation design with a factory installed thru hull. The results is very close to derate. In my case if I didn't back off the throttle I would be into derate ( warmer waters but below Volvo max seawater temperature of 86F). Now if I put the boat on the trailer and tow it to its designed area for cruising the PNW I'm fine. I have never operated the boat in PNW but I have operated in water that is 10 to 15 F warmer than the PNW waters and see max operating temperature at WOT of 193F. This would be acceptable if I was in Florida waters but unfortunately I'm seeing 13 F higher.
This is not a complaint. It is information to my findings. Part of troubleshooting is trying to find the root cause. I believe the root cause of higher operating temperatures is restriction of cooling water. One known restriction is 25% reduction in water flow using 1" plumbing and a combination of street L's in the plumbing installation. I wish I could come top with an easier fix.
Someday, there are many R29, C28, R31's operating in Florida. No one seems to be experiencing overheat issues. At least know one is commenting on the subject. My advise is record the temperature ranges you experience during the sea trial of you new boat. Write the data in your log book. If you see temperatures within range as Gordon has. You are good. If you don't bring this to the attention of the dealer. Having the known as found operating temperatures when the boat is new and the ambient water temperatures can be used as a base line for the future. I'm assuming that you are taking delivery in Ft Myers at Sweet Water landing. Ranger dealer location in Ft Myers. I found my highest operating temperature of my engine just upstream of that location. Just below Franklin Lock. The water temperature coming from the inland waters and lake O was producing a ambient water temperature of 83 F first week of April. My findings are more related to the D3 installation which is no longer used in the Fluid Motion production line.