INSURANCE SURVEY

This inspection is performed so the insurance company can determine whether or not the vessel is an acceptable risk. They are interested in structural integrity and safety for its intended use. Most insurance companies require a survey on older boats. They will also want to know the vessel’s fair market value.

Marine insurance surveys are conducted to assess the condition and value of marine assets, ensuring that they meet the requirements of insurance policies. These surveys typically involve a thorough examination of vessels, cargo, and marine property, focusing on structural integrity, safety equipment, and compliance with industry standards. By identifying potential risks and existing damages, marine surveyors provide insurers with vital information that aids in determining coverage terms and premiums. Additionally, results from these surveys can be crucial in the event of claims, helping to establish the validity of losses sustained by the insured party.