We prepare the necessary reports and findings together for submission to your chosen Insurance Company, providing our expertise as to the vessels current condition, state of repair and equipment inventory.
Will the Insurance Company accept the possible damage as accidental or decide that it is a total loss?
Is it necessary to arrange for a Salvage? Or to provide a quick evidence report after a fire to accertain the cause and damage to the vessel?
We provide detailed reports backed up by comprehensive photographic documentation.
Insurance surveys are carried out as Professionally, as any other survey.
- An “Insurance Survey” is done to determine the condition and value of a vessel, which is to be insured.
- When buying a vessel, our pre-purchase survey will also serve to obtain insurance.
- Periodically Insurance Companies will require owners to have a survey of the insured boat. Re-surveys are typically required every three to five years on older boats.
- To obtain a new policy with a different Insurance Company, a survey will be required unless an acceptable recent survey is available. “Acceptable” and “recent” are defined differently by different underwriters and by the same underwrites at different times. You will have to ask each prospective agent or underwriter what is currently acceptable.
- Depending on your Insurance Companies requirements an abbreviated written report format may be used. In some cases, the Insurance Company may also accept a survey made “in-the-water” (i.e. no haul-out). This reduces the expense by the cost of the haul-out. Our survey fees would be reduced accordingly.
- There are two general categories of boat insurance. The type of insurance may determine the survey requirements.
“Agreed value” (sometimes called “Yacht”) insurance where the value for a total loss is agreed upon when the policy is written. If you have a total loss, you get the value agreed upon in the policy (less any deductible).
“Actual cash value”. The amount paid on a total loss is subject to depreciation and the boat’s condition as determined at the time of loss. This is similar to car insurance where an adjuster determines what your car was worth.
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For further information, please feel free to contact us!