Condition and Valuation Survey for Insurance

The objective of a Boat Insurance Survey is to reassure underwriters that a motor boat or yacht is in a condition that warrants the vessel being considered for insurance. The older the vessel is the more a survey is required and on vessels in excess of twenty years old insurers require more regular surveys.

Also referred to as a Condition and Valuation Survey, the vessels will be required to be lifted for the visible and accessible areas of the hull to 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.

Generally an insurance survey is not concerned with cosmetic matters; build quality or fit for purpose, unless this is of significance to insurability. Please note that Insurance Surveys, do not generally offer advice which is suitable for any boat purchase decision and it is unwise to rely on such a survey.

It is usually the case that if you have commissioned a Pre-Purchase Survey, then you do not need an additional insurance survey. The Pre-Purchase survey is also suitable for obtaining insurance and/or financing, consistent with a reasonable short time period that the pre-purchase survey was conducted.

The report will normally contain a current market valuation.