Marine Surveys for Insurance

Out of Water Marine Survey for Insurance

Condition and valuation surveys for insurance underwriting are conducted when an insurer requests an out of water marine survey for a new policy or renewal of an existing one. Condition and valuation surveys for insurance underwriting typically do not require a sea trial and therefore take less time to complete. They are conducted to the same standard as any other condition and valuation survey. These surveys include an assessment of:

• The overall soundness of the vessel
• The condition of onboard systems and equipment
• Suitability for the vessel’s intended use

This information helps insurers determine if issuing a policy is a viable risk. While an out of water marine survey provides a valuation of the vessel’s fair market value, it does not guarantee insurability; the final decision rests with the underwriter.

In some cases, surveys for insurance underwriting can be partially conducted in the water. This is often a temporary solution for mid-season renewals to avoid the cost of hauling out the vessel. However, a complete bottom survey is typically required after fall haul-out. It’s advisable for vessel owners to confirm with their insurer which approach is acceptable.