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Insurance Surveys

Insurance Surveys 4

What is an Insurance Survey

Also known as a  “Condition & Valuation” survey, an insurance survey is performed to help boat owners that are looking to obtain or renew an insurance policy.  The survey is designed to help underwriters assess risk and determine a vessel’s value.  

Most major marine insurance companies require surveys as a condition of insuring the vessel.  Salt water vessels 10 years of age and fresh-water vessels at fifteen years of age are usually prime candidates for an insurance survey as the insurance companies look at older boats as higher risk.  Note that vessels that are twenty-seven feet in length or longer primarily need insurance as they are considered yachts. 

What’s Included in an Insurance Survey

The scope of an insurance survey is not as exhaustive as a pre purchase as its primary purpose is to assist insurance underwriters in making underwriting decisions. An insurance survey is a specialized survey that primarily focuses on the structural integrity, safety, and system installations according to industry guidelines.  

We will inspect the hull, decks, superstructure, electrical system, propulsion system, fuel system, and anything else that can be determined to impact the operation or value of the vessel.  Safety gear is also thoroughly inspected and documented to ensure compliance with federal requirements, valuation, and claims.  Once the inspection is complete, a survey report is compiled with the vessel’s condition and fair market value.

Whats Included in an Insurance Survey

Static in Water Inspection

All accessible areas of the vessel are inspected

Haul Out

The vessel is hauled out for inspection below the water line

Sea Trial

Onboard systems are tested under load in open water

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Location :

6725 Fairmont Pkwy #1123, Pasadena, TX 77505

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Bay Marine Surveyors are the trusted marine surveyors of choice for all of South Texas. We work on your behalf to ensure you have the information you need to make an informed decision. Our straightforward no nonsense approach has made us an industry leader.