Do You Need a Survey for Yacht Insurance Cape Coral?

Prior to insuring a boat of a certain length, age or value, insurance companies will require that you get a marine survey done. The survey will not be required when insuring a brand new vessel. However, most insurers will not insure used boats that have not been surveyed. This explains why it is so important to work with a surveyor when searching for the best yacht insurance Cape Coral. But what is involved in the survey?

As you may already know, a marine survey is a comprehensive inspection of the interior and exterior of a vessel. The marine surveyor inspects the vessel and makes note of potential issues. All his findings are then presented in a survey report. The report lists the current condition as well as the seaworthiness of the vessel and the estimated value. The survey report is what insurance companies will need when applying for yacht insurance Cape Coral. However, you must not work with just any surveyor when doing a survey for the purposes of insurance. You need a marine surveyor that will be approved by the insurance company. Insurance companies require the survey to be done by licensed or accredited professionals.

The length of the survey varies depending on a number of factors. The main factors are:

  • Type of survey being done
  • Size of the yacht
  • Age of the vessel
  • Extended testing such as sea trial and haul-out
  • Prior preparation

A marine survey is done for the purposes of insurance can take a whole day if an in-depth condition and value survey is being done. If the survey has been requested by your preferred insurance company, you should speak with the insurer beforehand to know the areas they need to be inspected and the type of surveyor you should work with. The last thing you want is to pay for a survey only for the insurance company to reject it.

How the survey is used for yacht insurance

Marine surveys help discover underlying issues that a vessel may have. It also helps determine the type of upgrades that should be done to get the vessel in a safe operating condition. The survey, further, establishes the current value of the vessel. This information is very important because it helps you know how much coverage you should get.

Marine surveys are not free. You will be the one paying the surveyor so make sure you understand how much it will cost in advance. Most boat surveyors charge for their services based on the size of the boat rather than a flat rate or hourly rate. If you will need electric, mechanical, engine or oil testing, make sure you mention that to the surveyor upfront as those tests may attract extra costs.

Yacht Insurance Cape Coral