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.

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 paying particular attention to seacocks
  • 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 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

Marine Surveys UK have developed a special report format for Production FRP/GRP Yachts that is concise and deliberately focused ONLY on the information of interest to insurers. Feedback suggests that this is appreciated by insurers dealing with a large volume of craft. The survey cost reflects the reduced report time.

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.

Note – This service is not offered for custom yachts, steel yachts, aluminium yachts, wood yachts, superyachts or any elderly craft. These require a full Condition Survey for Insurance.

Boat Valuations for Matrimonial matters, divorce proceedings, bankruptcy and insolvency 

Marine Surveys UK carry out valuations for Solicitors and Law courts on vessels around the world using a net work of contacts to visit the boat and photograph it and evaluate its condition and then carry out desk research on past and present prices and give a realistic value of what the boat would be expected to make at sale. Acting as a Single Joint Expert Witness producing the recognized document as specified in Civil  Procedure Rules 1998 with reference to part 35.

Request a quote (Click here)