Insurance after refit?

[Travelling Westerly]

A quick question on how to go about increasing insurance value of boat after spending out on a major refit.

I take it the insurance broker won't just take your word for it in that you have spent X amount on your pride and joy during a refit so how do you come to an agreed new value? Do you need a surveyor to complete a valuation report?

 

[harvey38]

You need an Insurance Survey. We looked at having one done as we have spent some serious money on an interior refit but have taken a risk to hold off as the project is ever expanding but will definitely have it done once everything has been completed.

 

[Koeketiene]

A quick question on how to go about increasing insurance value of boat after spending out on a major refit.

I take it the insurance broker won't just take your word for it in that you have spent X amount on your pride and joy during a refit so how do you come to an agreed new value? Do you need a surveyor to complete a valuation report?

My insurance did request a valuation survey rather than just the invoices of the work carried out.
They said this was because of the age of my boat (launched 1977).

 

[Tranona]

In the same position and plan is to keep all the invoices for the work and bits. I had a survey and valuation when I bought the boat and will use that as a basis for showing the changes, some of which are dealing with the issues raised but mostly the new gear and improvements. When the work is finished the same surveyor will come and check the work and give a new valuation. This is unlikely to be as high as the total cost of boat and refit because there are so few boats sold in the same condition. In some ways that is not so important as it is unlikely that the boat will ever be stolen or destroyed, but a higher insured value increases the headroom for repairs and provides a record of the major items of expenditure, for example electronics should they be stolen.

 

[Graham376]

After we purchased the boat with a pre-purchase survey, they accepted invoices for items added such as solar, gantry, dinghy & outboard, life raft, radar, windlass etc., to increase insured value. Changed insurers last autumn and have had survey this morning as they want confirmation of agreed value as well as condition report.