The question every new boat owner asks is this; can you insure a boat without a survey? For many people, they wish the answer is yes so that they can save money associated with marine surveys. The truth is whether you require an insurance survey or not will depend on a number of things. Moreover, even though getting an insurance survey costs money, getting it will save you a lot more because you will be able to avoid being under or over-insured.
What is the purpose of a marine survey?
The primary purpose of a Palm Beach marine survey is to determine the value and the overall condition of the boat in order to set a fair purchase price. This helps the insurer to determine how much to insure a boat for. A boat owner will also be able to know the type of coverage to get for their vessel. It is good to note that some underwriting companies will require a survey report with an appraised value so as to provide a marine policy.
What is included in a boat survey?
What is included in a marine survey will depend on the type of survey that is required. For an insurance survey, the insurer will provide you with a list of items that have to be in the survey report. A pre-purchase survey, on the other hand, is more comprehensive. The most important components of a boat survey are the moisture meter readings that are done through the decks, hull, frames, superstructure, stringers transom as well as bulkheads. Most boats have moisture in certain areas. The purpose of the moisture meter reading is to determine if the moisture levels are normal.
The survey will also include the inspection of all electrical systems. A complete analysis will include electrolysis activity, condition of underwater gear, osmosis, and any repairs, and modifications on the vessel. In simple terms, what will be inspected will depend on the purpose of the survey. Keep in mind that the surveyor will not dismantle components to look inside. For this, you will be required to bring in an electrician or mechanic.
Boat surveys can be quite comprehensive. As for the question of can you insure a boat without a survey, the answer will depend on the age of your boat, its condition, the insurance company you are using, the type of coverage you need, and whether you have filed a claim in the past. Speaking to an insurer and asking if they will require a marine survey is the only way to be clear on whether a survey will be needed.