Insurance and Valuation Surveys

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:

BASIC REQUIREMENTS WITH REGARD TO CONDITION SURVEYS SHOULD CONTAIN

DETAILS OF THE FOLLOWING:

  • HULL AND SUPERSTRUCTURE
  • ENGINES (S)
  • SAILS
  • MAST SPARS SAILS AND STANDING/RUNNING RIGGING
  • STEERING GEAR
  • STERN GEAR
  • FASTENINGS
  • WINDOWS AND PORT LIGHTS
  • HAND RAILS AND STANCHIONS
  • SHELL OPENINGS AND SHELL FITTINGS
  • DOORS AND HATCHES
  • DAVITS, BOARDING LADDERS, ACCESSES ETC.
  • BILGE AND GENERAL PUMPING INSTALLATIONS
  • TOILET INSTALLATIONS
  • FRESHWATER INSTALLATIONS
  • FUEL INSTALLATIONS
  • GAS INSTALLATIONS
  • VENTILATION
  • CATHODIC PROTECTION
  • LIFE SAVING EQUIPMENT
  • FIRE FIGHTING EQUIPMENT
  • NAVIGATIONAL EQUIPMENT
  • GROUND TACKLE AND MOORING ARRANGEMENTS

ANY SURVEY MUST BE CARRIED OUT ASHORE BY A QUALIFIED PROFESSIONALLY INDEMNIFIED MARINE SURVEYOR.

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.

Boat Insurance Surveys for Production FRP/GRP Yachts

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.

Boat Valuations 

We can carry out market appraisals to give an indication of the market value of a craft.

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