Survey for insurance renewal

[Graham376]

Insurers' prime concern is usually hull integrity, and rig maintenance which if recently replaced and duly authenticated should satisfy. Internal and facilities survey is extraneous but if insisted I would go elsewhere. You know the signals that a claim could be unreasonably contested.

Ocean cover is something else as are exotic sailing grounds where repairs and parts could be a heavy insurance burden.

How is it extraneous when insurers are looking for a valuation, which can vary by a large amount if for instance the interior is a shed needing relining, reveneering and new upholstery?

 

[Tranona]

How is it extraneous when insurers are looking for a valuation, which can vary by a large amount if for instance the interior is a shed needing relining, reveneering and new upholstery?

Exactly. Insurers want confirmation that the boat exists, is in seaworthy condition and has a value equal to the sum insured. Owners can get extra value out of the survey (which belongs to them, not the insurer unlike house insurance for mortgage purposes) by being there during the survey and asking for explanations as it goes along as well as a summary at the end.

 

[peter gibbs]

How is it extraneous when insurers are looking for a valuation, which can vary by a large amount if for instance the interior is a shed needing relining, reveneering and new upholstery?

The original question did not specify valuation which would of course involve all fitments. In my experience the owner sets a valuation. The insurer may require corroboration. In the event of a total, a historic valuation by any party will take second place to the assessor's real time valuation. Don't rely on valuations to protect your intetests and equally, don't over value your boat as premiums are geared to gross risk.

 

[Graham376]

The original question did not specify valuation which would of course involve all fitments. In my experience the owner sets a valuation. The insurer may require corroboration. In the event of a total, a historic valuation by any party will take second place to the assessor's real time valuation. Don't rely on valuations to protect your intetests and equally, don't over value your boat as premiums are geared to gross risk.

The OP's insurers have asked for a survey. My experience over the years is insurers require a survey to confirm the value of the boat and that it's also in seaworthy state. If in poor or not seaworthy condition, it would obviously reduce the value.

 

[Donheist]

The OP's insurers have asked for a survey. My experience over the years is insurers require a survey to confirm the value of the boat and that it's also in seaworthy state. If in poor or not seaworthy condition, it would obviously reduce the value.

I changed insurers to Pantaneius as my previous, German insurers said it was too hard after Brexit. New insurer asked for survey but accepted my original 2012 purchase survey annotated by me e.g. life raft replaced in x, spray hood replaced y etc.