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Insurance Surveys |
Insurance companies wish to assess risk
when taking on new clients for yacht or small craft
insurance, and to this end an insurance survey will
frequently be required. |
This type of marine survey is not as comprehensive
as a full pre-purchase survey. It is termed a “Structural
survey” and will concentrate on the major parts
of the craft. It covers the integrity of the hull, the
condition of the keel, deck and supports and the lower
parts of the standing rigging. |
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A valuation of the vessel is given as
part of the Insurance survey. This valuation will reflect
the overall condition of the craft and also consider
the type, construction and it's popularity. |
Some boats, for example production boats,
have a generally recognised value on the market,
within the constrains of condition, age and inventory,
whereas others may have a particular following
and the value may well be higher than other boats
of similar size, age and construction. |
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There are also boats for sale whose
origins are more obscure and will take some research
and the skill of the surveyor to produce an accurate
valuation. |
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Most insurers will require a survey report
prior to issuing a new policy on any used boat
over a certain age and value. These criteria vary
between insurers. Insurers also require periodic
surveys on boats they are insuring as these boats
age. |
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