Boat Insurance Surveys

Boat Insurance Surveys

Boat insurance surveys provide condition reports produced for older marine vessels for insurance purposes.

Your insurers may ask for an out-of-water structural survey and valuation: they will usually give you advance warning so that it can be done before the next renewal. The scope is often not specified, but invariably insurers want a full out-of-water structural condition survey & valuation.

My reports are accepted by all insurance underwriters in the UK.

 

Scope

The insurance survey is similar to the pre-purchase as far as scope and conditions are concerned, but it mainly emphasises those items which affect the craft’s safety and seaworthiness. As these survey reports include a valuation, the decorative state and other non-essentials have to be considered, but they are not emphasised.

 

Consequences of the Survey

Underwriters will usually take a vessel on risk ‘warranted all recommendations are completed’. Reports are therefore written in such a way that only the essential matters are described as ‘Recommendations’, other advice is set out under ‘Suggestions’.

It is very rare for underwriters to ask for a follow-up inspection to confirm the recommendations have been properly completed. However, if they are not, the policy may be void.

 

Revaluation

You may need advice on insuring a yacht after a major refit, because Underwriters may be reluctant to accept a very high hull value an older yacht. I have been able to resolve this in the past by listing the high-value individual items separately in the Schedule, and setting out a Valuation Report in some detail to justify the sum.

 

Precautions

Finally, you may not be aware that if your yacht is unseaworthy, under marine insurance law your policy is void. That remains the case even if the survey you submit to your Insurers is apparently satisfactory. It is therefore unwise to get a cheap and cursory insurance survey, because if it misses any important defects, you will not be insured. That you may ultimately have redress in law against the surveyor is unlikely to be of much comfort at the time.

Contact

Call 01929 480064 or email Anthony Byrde to discuss your own requirements further