Insurance Survey
The objective of an insurance survey is to reassure underwriters that a yacht/boat is in a condition that warrants the vessel being considered for insurance. The older the vessel the more a survey is required and on vessels in excess of twenty years old insurers require regular surveys, although it is subject to the vagaries of the individual insurers.
To qualify for insurance an Insurance company marine survey will require:
The vessels will almost always be required to be lifted and the visible and accessible areas of the hull will be examined both by hammer soundings and moisture readings.
Should the hull be dirty or if it still has substantial layers of paint etc then the surveyor will be required to scrape clean sample areas and assess their condition.
An Insurance Survey is not as comprehensive as a Pre-Purchase Survey and although it usually does not include a Sea Trail, it will require a haul-out. This is because the Insurance company and underwriter are only interested in knowing about any physical aspect of the yacht that could cause it to suffer a loss, together with a realistic assessment of the condition it is in and its market value.
We'll undertake a survey that examines features such as the skin valves, fuel and gas systems, fixed safety appliances and the overall maintenance of the vessel. As part of this Survey we'll give a realistic assessment of the fair market value of the vessel at the time of the Survey. Because your Insurance Company may have its own requirements for what it considers an acceptable survey we'll help boat owners to consult with their insurance broker before commissioning the survey. Also we'll tailor our Insurance Surveys to the Insurance Company's requirements.
To qualify for insurance an Insurance company marine survey will require:
- A survey of the hull condition
- A review of the general safety of the vessels systems
- Often an open market valuation
The vessels will almost always be required to be lifted and the visible and accessible areas of the hull will be examined both by hammer soundings and moisture readings.
Should the hull be dirty or if it still has substantial layers of paint etc then the surveyor will be required to scrape clean sample areas and assess their condition.
An Insurance Survey is not as comprehensive as a Pre-Purchase Survey and although it usually does not include a Sea Trail, it will require a haul-out. This is because the Insurance company and underwriter are only interested in knowing about any physical aspect of the yacht that could cause it to suffer a loss, together with a realistic assessment of the condition it is in and its market value.
We'll undertake a survey that examines features such as the skin valves, fuel and gas systems, fixed safety appliances and the overall maintenance of the vessel. As part of this Survey we'll give a realistic assessment of the fair market value of the vessel at the time of the Survey. Because your Insurance Company may have its own requirements for what it considers an acceptable survey we'll help boat owners to consult with their insurance broker before commissioning the survey. Also we'll tailor our Insurance Surveys to the Insurance Company's requirements.
