A boat insurance survey is essential for insurance companies to decide whether they should insure a specific vessel. This type of survey is less detailed than a pre-purchase or condition survey, focusing solely on helping underwriters assess the insurance risk associated with the boat.
Purpose of a boat insurance survey
An insurance survey has two primary purposes:
- Identify the Vessel: Document the vessel’s equipment, general condition, and specifications.
- Assess Risk: Identify any defects, damage, deterioration, or unsafe conditions that could threaten the vessel’s safety or lead to potential loss or damage.
This survey is strictly for determining potential liability and risk for the insurer. Therefore, it should not be used to assess the vessel’s condition for purchase decisions.
Differentiating survey types
If you receive a recent survey or report on a vessel you’re considering buying, verify the purpose of the report. Sometimes, vendors may misrepresent the type of survey conducted. Contact the accredited surveyor to clarify if the report was an insurance survey or a more detailed condition survey.
What a boat insurance survey includes
An insurance survey typically covers the following areas:
- Vessel Details: Specifications, description, and type of construction.
- Construction/Conditions Checklist: Includes hull, decks, superstructure, bulkheads, sole, stringers, seacocks, and drainage. Comments are provided as needed.
- Engine and Drivetrain: Specifications and comments on the engine, gearbox, shaft, propellers, and underwater gear. For sailboats, rigging and mast-related equipment are included.
- Installation Quality: Assessment of controls, exhaust system, fuel system, venting, electrical system, gas system, batteries, bilge pumps, and other equipment.
- Safety Equipment: Includes anchor system, fire control, life jackets, navigation lights, flares, EPIRB, handrails, bow rails, and additional life-saving equipment.
Preparing for a boat insurance survey
For a smooth survey process and a satisfied underwriter, ensure your vessel is clean, organised, and all equipment is in good condition. Additionally, make sure all safety equipment is easily accessible and up-to-date before the surveyor arrives.
Conclusion
An insurance survey is a critical step for obtaining insurance coverage for your vessel. By understanding its purpose and preparing your boat accordingly, you can ensure a successful survey and secure the necessary insurance.
Contact our friendly and professional team to discuss your insurance survey needs. Happy boating!
