Insurance Surveys for Boats and Yachts

What is an Insurance survey?
Insurance companies may ask for an out-of-water structural survey and valuation once the yacht has exceeded a certain age. This varies with different insurers but is usually around 20 years and thereafter again at five-year intervals.

An insurance survey is not just an inexpensive pre-purchase survey but a comprehensive inspection of the vessel relating to its seaworthiness, structural condition and safety. It does not cover items such as electronics, domestic plumbing, furnishings and sails, however these items will be reflected in the final valuation.
An insurance report is specifically formatted for underwriters; being factual and to the point but indicating that a comprehensive inspection of the vessel has been undertaken.

We often find owners resent the cost of an insurance survey believing that their boats are in good working order. However it is rare for us to carry out an insurance survey and not find something that will affect the insurability of the vessel. Under marine insurance law an unseaworthy vessel would make your policy null and void.

The cost of an insurance survey is therefore worthwhile if only for peace of mind that your boat is seaworthy and therefore insurable.