Fully comp insurance

[Geoff A]

I know this has been done to death. It is about getting fully comp insurance. I am buying a sailing boat built in 1973. The problems is with the survey dated from 2020. The survey I have has as the title “Part Survey Report “ Then Boat Name.
What seems to have happened is the survey was part done buy one company and finished by a different by a different company. (Why I do not know) You add the two together you have a full out of water survey
The second surveyor has summarised what the first one found it was nothing of concern other than high moisture readings but no osmotic blisters were seen. I have been in contact with half a dozen or more insurance well known insurance companies all saying they will not accept the “Part Survey Report” Has any one ever come across a similar problem. As I have said I am looking for fully comp insurance. Any help appreciated.

 

[Tranona]

Insurers are very picky but if the document you have covers what a full survey does and both surveyors involved are acceptable then suggest you send it to the insurers. Their wording usually says "Full out of water survey required" so anything that says "part" will logically be rejected, but seeing the coverage might change their minds - although a 4 year old survey might also mean rejection.

 

[ChromeDome]

Regardless of the basis, when an insurer accepts documentation, make sure you get it in writing.

Read the fine print, ask for explanation if you need.
In case of an event/claim you know they will look for loopholes to deny coverage.

 

[Geoff A]

Insurers are very picky but if the document you have covers what a full survey does and both surveyors involved are acceptable then suggest you send it to the insurers. Their wording usually says "Full out of water survey required" so anything that says "part" will logically be rejected, but seeing the coverage might change their minds - although a 4 year old survey might also mean rejection.

I have photoed all pages of the survey and attached them to the email I have sent, also asking for them to be read and under stood,but with more polite wording.

 

[Geoff A]

I have photoed all pages of the survey and attached them to the email I have sent, also asking for them to be read and under stood,but with more polite wording.

I think what I will have to do is buy the boat insure it third party only, then get my own survey when funds become available. As I have not owned a boat for a few years I am going to have to buy and pay for things like life jackets clothing, moorings and a few bits of kit to get the boat what I consider sea worthy.

 

[ashtead]

I am not certain why an insurer would accept a part survey - why take risk on their part which is for a relatively low premium. If you dealing with a broker they will have a delegation and that will specify full survey. I think as said you have to pay out or have the third party cover . It is likely the survey might cost 3 or 4 times premium I imagine on a 73 vessel, I assume the surveyor cannot help with your issue?

 

[peteK]

Some third party insurers will only accept boats up to 50 years old so read the small print carefully.

 

[Plum]

I know this has been done to death. It is about getting fully comp insurance. I am buying a sailing boat built in 1973. The problems is with the survey dated from 2020. The survey I have has as the title “Part Survey Report “ Then Boat Name.
What seems to have happened is the survey was part done buy one company and finished by a different by a different company. (Why I do not know) You add the two together you have a full out of water survey
The second surveyor has summarised what the first one found it was nothing of concern other than high moisture readings but no osmotic blisters were seen. I have been in contact with half a dozen or more insurance well known insurance companies all saying they will not accept the “Part Survey Report” Has any one ever come across a similar problem. As I have said I am looking for fully comp insurance. Any help appreciated.

In my limited experience, some insurers do not require a survey. Eg. Recently switched to Haven Knox Johnston to insure a 25 year old boat. No survey required. Previous insurer asked for a survey for the first time in 8 years so they lost my business.

 

[B27]

I don't think a survey from 4years ago under different ownership is worth very much.
A survey is not all that expensive in the scheme of things, I look at it as either part of the cost of buying the the boat, or a cost that should be amortised over a few years' insurance.
Having a survey tends to get you a better deal on insurance, and give a baseline for the condition of the boat in the event of a claim.

 

[Biggles Wader]

I think what I will have to do is buy the boat insure it third party only, then get my own survey when funds become available. As I have not owned a boat for a few years I am going to have to buy and pay for things like life jackets clothing, moorings and a few bits of kit to get the boat what I consider sea worthy.

Third party with wreck removal is the bottom line and will likely be a requirement before you can moor in any reputable harbour. Unless your boat is specifically highly valuable for some reason you might find self insuring for anything beyond the basic requirements makes sense.

 

[dunedin]

I think what I will have to do is buy the boat insure it third party only, then get my own survey when funds become available. As I have not owned a boat for a few years I am going to have to buy and pay for things like life jackets clothing, moorings and a few bits of kit to get the boat what I consider sea worthy.

Might be a lot better to get a pre purchase survey done BEFORE you commit to buy the boat. Yes it will help with insurance, but might save you money overall if any problems are found - either to negotiate a a reduction in the purchase price, or worst case to walk away from a money pit.