The objective of a Boat Insurance Suvey 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. Insurance companies often refers to this as an out of water hull survey.
We understand from Insurance companies they want the following surveyed:
The vessels will always be required to be lifted and the visible and accessible areas of the hull will be examined both by tap testing 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.
Generally an insurance survey is not concerned with cosmetic matters unless this is of significance to insurability. Please note that Insurance Survey reports do not generally offer advice which is suitable for any boat purchase decision, and it is unwise to rely on such a survey for purchasing a yacht.
We carry out all the checks above.
Of note is the fact that if you have commissioned a Pre-Purchase Survey then you do not need an additional insurance survey as the Pre-Purchase survey is also suitable for obtaining insurance and/or financing.
We can carry out market appraisals to give an indication of the market value of a craft but only for insurance and not to raise finance. Most Marine surveyors professional indemnity excludes
Vessel valuations or statistical and market information provided to any Third Party financial institution, bank building society or similar Third Party for which the purpose is to raise finance, whether or not included in a share prospectus, bond issue or other document relating to the raising of finance.