Insurance

Insurers will often insure a production yacht on face value but it is sometimes the case that an insurer requires a surveyor’s report to issue an appropriate policy and calculate an accurate premium, below are some common reasons why a survey may be requested:

• The vessel is older than a certain age (typically 10+ years)
• The vessel has a value over the insurer’s limit
• The vessel is a custom build which does not have a fixed market price

Our insurance survey will concentrate on items onboard most likely to cause an insurance claim including the general structural condition of the hull, engines, fuel systems, machinery, skin fittings, steering, mast, rig and sails. Items often not considered by the insurer including electronics, domestic appliances, furnishing and personal items will not be surveyed but will be recorded and a total value taken into account in the final report which will include an estimation of the overall value.

As professionally recognised surveyors we can provide a bespoke service to meet an insurer’s requirement, when an event occurs that causes damage to a vessel it is almost always requested by the insurer that a surveyor attends to identify the below:

• Why has the damage occurred?
• What has been damaged?
• Can repairs be made?
• How much will it cost to repair or replace?

A surveyor’s report will outline independent findings which are often beneficial to both parties, we are able to provide a proposal on application based on the vessel location, size and the type of damage sustained.

Please do not hesitate to contact us for a free no obligation proposal for any insurance or damage evaluation survey services.