Results 1 to 5 of 5
  1. #1
    Join Date
    Aug 2015
    Location
    Bury st Edmunds
    Posts
    2,525

    Default What do insurance companies look for?

    If an insurance company ask for a "survey" on a boat, what exactly would they be paying particular attention to that may affect the premium or acceptance please? I know this is quite open, but I'd like to concentrate on items that they might pay close attention to.

  2. #2
    Join Date
    Nov 2007
    Posts
    28,484

    Default Re: What do insurance companies look for?

    There is a pretty standardised "insurance" survey used by most surveyors. Its purpose is to ensure that the boat exists, is basically seaworthy and its value is what you are asking for cover. It is less detailed than a purchase survey which goes into more detail and comes up with recommendations for immediate work and that which requires attention in the future if the boat is purchased. Often the latter type is also used for the insurance company.

    You may well find that you can get cover without a survey if the value is low from one of the specialists in this market such a Yacht 24. However, with the condition (as far as I can see from your various posts) and value of your boat you may well be declined, or even choose not to bother insuring the boat - just have third party.

    Why not get quotes and speak to a surveyor?

  3. #3
    Join Date
    Sep 2001
    Location
    Home Berkshire, Boat Hamble
    Posts
    7,124

    Default Re: What do insurance companies look for?

    It also looks specifically at the things that may cause them to pay out. So things like:
    Poorly maintained gas installations
    Lack of fire extinguishers / other fire fighting equipment
    Double clipped hoses / general condition of seacocks
    Age of standing rigging

  4. #4
    Join Date
    Aug 2015
    Location
    Bury st Edmunds
    Posts
    2,525

    Default Re: What do insurance companies look for?

    Both those posts actually help alot. I wasn't sure how deep they would go and the difference between an insurance survey & a buyers survey. Many thanks. I'm now getting the picture.

  5. #5
    Join Date
    Jul 2006
    Posts
    3,949

    Default Re: What do insurance companies look for?

    I don't think most insurers actually read the surveys in detail much if at all - they tend to offer cover ".... warranted that all survey recommendations are carried out".

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Find Boats For Sale

to
to