Can You Insure a Boat Without a Survey in Palm Beach?

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.

Palm Beach Marine Survey

How Much Does It Cost to Put a Boat in Survey in Palm Beach?

Making plans for a boat survey is essential whether you are a boat owner or a buyer. You can only learn about all the problems your vessel has and determine its fair market worth through a Palm Beach marine survey. For boat buyers, marine inspections are especially important since they help expose information that will save you from making poor investments. But how much can you expect to pay for a marine survey?

There is no clear answer to the question of how much does it cost to put a boat in survey. This is true because a lot of different things affect the price. These variables include your boat’s size and condition as well as the type of marine survey you require. You should expect to pay between $25 and $40 per foot on average. The price varies mostly based on the age of the boat, how many engines it has, and the extent of an inspection.

Type of Boat Survey

As you might have suspected, the price of a boat survey depends on the kind of inspection that is being conducted. For instance, you might pay between $14 and $18 per foot for an insurance survey. On the other hand, a pre-purchase survey could run you anywhere between $25 and $40 per foot. Pre-purchase surveys are more extensive than insurance surveys, which accounts for the price difference. The more time a surveyor spends on the boat and the more thorough a survey is, the more the survey will cost.

Added Services

If you’ve ever worked with a surveyor or done your study, you know that their main role is simply to observe and compile a report. Surveyors are not mechanics. They will not take components apart to look inside. The surveyor will ask you to bring in a mechanic if the problem necessitates disassembling a component. Hiring a mechanic for an engine inspection will cost you between $100 and $180 per hour. You must consider this expense because the surveyor won’t put together a complete report until the mechanic completes the required assessment.

Still on the subject of added services, you need to account for the cost of a haul out. This is if you own a large boat and it needs to be taken out of the water for a thorough inspection. The cost of a haul-out will have a considerable effect on the final cost of a marine survey. In a boatyard, a haul-out is charged between $10 and $15 per foot.

Hopefully, this post has adequately addressed the query of how much does it cost to put a boat in survey. The rule of thumb is to locate a reliable surveyor. The surveyor you choose should be experienced, skilled and equipped to work on your boat and offer the type of service you need.

Palm Beach Marine Survey

How Often Do I Need a Marine Survey in Palm Beach?

The answer to the question of how often do I need a marine survey will depend on several factors. The main ones are the requirements of your insurer, lender, and the type of boat you own. Typically, you need to get a marine survey done at least once every 5 years. This requirement is, however, not set in stone. When you need marine insurance, the insurer may demand a more current survey. This means you may have to get a fresh survey done even if you had another survey done less than 5 years ago. The case is the same when dealing with lenders. They may demand a more recent survey to be done before they can accept your boat as collateral. 

The type of boat you own also matters. If your boat is more than 30 years old, you will be required to provide a more recent boat survey before a lender or an insurer can accept it. Wooden boats are also prone to damage. As a result, you will need to update your survey report at least once every 2 to 3 years. All things considered, having a recent Palm Beach marine survey is the way to go. This is because a survey report that is only a few months old will paint a clearer picture of the condition of your boat. You will also know its fair market value and be able to determine what to insure.

The type of survey you need will depend on what you need the survey for. For example, if you need a survey done to help you get insurance, you will need an insurance survey. For this kind of survey, the insurer may provide you with a list of items that have to be assessed by a marine surveyor in Palm Beach. To understand the current condition of the boat, you will need a condition and valuation survey. This is a more detailed inspection of the boat and helps establish a baseline condition and value.

The survey you get can be as comprehensive as you want. When getting ready to sell your boat for maximum profit, it is good to keep in mind that buyers will want to perform a condition and valuation survey. Performing this survey before getting your boat on the market will help you view the boat from a buyer’s standpoint. You can use the findings of the survey to fix up the boat so that you sell it for the best price.

As you can see, there is no direct answer to the question of how often do I need a marine survey. All in all, keeping your survey report up-to-date will guarantee that you have a clear understanding of the condition of your boat. Always use an experienced marine surveyor.

Palm Beach Marine Survey

How Do I Choose a Marine Surveyor in Palm Beach?

Although efforts have been made to make the largely unregulated marine survey industry safer, selecting a yacht and small craft marine surveyor can be a challenging task. Finding the appropriate marine surveyor for the project is so crucial. This is because in order to make sure that your vessel is seaworthy, complies with the applicable maritime standards, and meets the necessary insurance and finance requirements, you need to commission a surveyor to do some surveying work. But how do I choose a marine surveyor that will not disappoint me? This post is meant to answer this key question.

Know what you want

Prior to starting the search for a professional to perform a Palm Beach marine survey, you must first choose the sort of survey you require. The type of survey you need will depend on the type of vessel you want to buy. Next, you need to find a marine surveyor that can do the survey according to your specifications. The surveyor must have the skills, knowledge, and expertise to do a great job.

Compare rates

Prior to picking a marine surveyor, you might wish to receive a few bids because survey rates might vary greatly. The cheapest option isn’t necessarily the best and neither is the most expensive option. You generally get what you pay for when it comes to price, just as in other aspects of life. You are hiring a maritime surveyor, a professional, to carry out a vital task as part of your boat-buying procedure. By speaking with clients that a marine surveyor has worked for, you can confirm and verify their qualifications. Word-of-mouth recommendations is frequently the most reliable sources of information about a service provider.

As you learn how do I choose a marine surveyor, you should be aware that selecting a marine surveyor, especially the proper one, might be challenging. The key to finding the right professional is to choose a surveyor based on the necessary survey type or region they serve. You can also choose a marine surveyor based on the sort of survey you need or their area of expertise. That way you will be sure they have the training and experience necessary for the position.

Never rush the process of hiring a marine surveyor in Palm Beach. Always keep in mind that it is their input that will help you avoid making a bad investment. Only choose the surveyor you can fully trust.

Palm Beach Marine Survey

Costs to Be Prepared for in a Palm Beach Marine Survey

If you’ve never purchased a yacht before, you’ll undoubtedly have many inquiries regarding the process. Are deposits required, and if so, how much and are they refundable? Where can I locate the ideal boat to purchase? How is a boat inspected? Who usually foots the bill for a boat survey? If you are going for a pre-owned boat, a Palm Beach marine survey will be unquestionably necessary. It is necessary since you must know the precise state the boat is in before buying. You want to know if it needs significant repairs, whether it is seaworthy, and how much you should spend on it.

By working with a marine surveyor, you will be able to acquire the answers to these and other inquiries. All in all, it is important to remember that the survey is not for free. With that being said, who typically pays for a boat survey, and which other costs are there?

Boat inspection

As to the question of who pays for a marine survey, the answer is the person who hires the surveyor. Both boat owners and prospective buyers can engage a marine surveyor. This is because both boat owners and potential buyers can benefit from marine surveys. The main uses of marine surveys are:

  • To get an unbiased assessment of a boat
  • For purposes of insurance
  • To understand the fair market value of the boat
  • To understand how suitable, the boat is for the intended purpose

At times getting a boat survey is usually mandatory. This is more so when an insurer asks for an insurance survey report or when a lender requests a survey report. However, when buying a used boat, it is always good to make it mandatory to get a professional boat inspection done. Yes, doing so will cost money but it will save you a lot more.

Slipping and cleaning

Hiring a marine surveyor is not the only cost you should be concerned about. Next, you have to think about the cost of slipping and cleaning. In a pre-purchase survey, the bottom of the boat’s hull has to be inspected. For this to happen, the boat has to be removed from the water and cleaned. Removing the boat from the water is what is known as slipping. You will be the one organizing and paying for both slipping and cleaning.

Sea Trial

During a sea trial, you will have to fuel the boat and get a captain. You will be the one footing all these costs.

Hiring a mechanic

Even now that you understand who typically pays for a boat survey, it is good to note that the surveyor will not take components apart. If there are issues that require components to be dismantled in order to look inside, the surveyor will require that you bring in a mechanic. You will be the one paying for the services of the mechanic.

Who Typically Pays for a Boat Survey