Is A Survey Required For Boat Insurance?

Have you recently purchased a boat and wondering whether an insurance survey by a marine surveyor is required, the answer is both Yes and No, their are many variables to consider which include the age, condition, usage and storage of the vessel, theses are some of the  determining factors as to whether an insurance survey may be requested by your insurance company.

It is becoming common place for insurance companies like RACV, Club Marine or Nautilus Marine in Australia to request a survey or risk evaluation before considering covering your new or used boat.

The reason these boat reports are being requested is to evaluate the risk your vessels posses to things like breakdowns, submersion, fire and theft to name a few, these risk evaluations are generally undertaken by a qualified marine surveyor, however trailer boats and smaller vessels can sometimes be evaluated by marine technicians, boat builders or dealers.

The Top 5 Factors to Consider Whether A Survey is Required

1. Age: If a vessel has reached 10 years old, this is a common factor to request an evaluation report
2. Storage: Are you planning on placing the vessel on a marina berth or permanent mooring.
3. Repair: Has the vessel sustained notable damage or repair, the insurer will generally request an insurance risk survey to determine if repairs they have been done to a professional standard.
4. Modifications: Has the vessel structure been modified which may include, hull extensions, swim platforms, pod systems or the like.
5. Rare Vessel: Rare and obscure boats, particularly those that are imported may need an evaluation as the build quality and integrity may need to be verified by the insurer.

It is important to note that these factors are only just a few which maybe taken into consideration, and in reality the insurer may request a condition report or survey for any vessel, age, make or model. The requirements can vary from insurer to insurer, there is not set standard across the board.

If you have purchased a vessel, you maybe able to use a previous survey report or condition report between 6 to 24 months old or newer, however this is at the discretion of the marine hull insurer and does vary greatly.

Prior to making any purchase decision, it is recommended that you contact your preferred insurer to confirm their insurance risk report requirements before committing to buy any vessel to avoid any costly rectification costs made to the boat to meet the standards of insurance company, this would be similar to buying a car without a roadworthy certificate.

If you are looking at a vessel or boat within the greater Melbourne region, including Geelong and the Peninsulas – Deaspec Marine Surveying can provide the boat inspection or marine survey you require, complete our online quote form today!