Insurance Survey: Assessing Vessel Insurability

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An Insurance Survey is conducted to help underwriters determine a vessel's condition and insurability for new or renewed policies. The primary focus is on:

• Structural integrity
• Safety
• System installations: NFPA and  ABYC guidelines
• Safety  gear compliance: Federal  requirements
• Identification information: Recorded for future reference, valuation, and claims adjustment

The written report typically includes:

• Vessel information
• Discrepancies
• Recommendations

Similar in scope to a Condition and Value (C&V) survey, an Insurance Survey may vary in that:

• In-water surveys: Accepted by  underwriters for policy renewals (established clients)
• Haul-out requirement:   Some surveyors may refuse to perform a survey unless a comprehensive inspection of the hull and equipment below the waterline is conducted, due to liability concerns. However, we evaluate each situation on a case-by-case basis before making a decision.
       

This survey ensures underwriters have the necessary information to assess vessel insurability, while also providing valuable insights for clients.