More people are investing in boats. This is because of the convenience boat ownership offers. However, considering these are not cheap investments, getting them insured is very important. As a result of this, there are many insurance companies offering boat insurance. The big question that every boat owner of an uninsured vessel asks is this, do you need a survey for boat insurance in Palm Beach? There is no direct answer to this question.
It is good to understand that it is not mandatory to get your boat insured. However, the peace of mind that comes with driving an insured boat cannot be ignored. As for the question of do you need a survey for boat insurance, the best person to answer it is the insurance company you plan on using.
Different insurance companies have varying requirements when it comes to boat insurance surveys. Some will be okay with a survey report that is a couple of months old while others will require a fresh survey to be done. There is also the fact that an insurance survey is not as comprehensive as a pre-purchase survey. There are certain items that insurance companies require to be covered. With that in mind, you need to contact your insurer and ask for the list of items that the survey should cover.
What is the Purpose of an Insurance Survey?
Unlike a pre-purchase survey that reviews every inch of a vessel, an insurance survey is meant to answer vital questions that insurers ask. The main purpose of the survey is to determine the overall condition of the vessel. To achieve this, an insurer will require that a number of areas be inspected. The findings help determine if the vessel is worth insuring.
The second purpose is to determine the value of the vessel. An appraisal enables the insurer to calculate the premiums. Even if yours is a brand-new vessel, you might be required to get an insurance survey so that the insurer can know how much it is worth.
Not every vessel will require an insurance survey to be done. There are cases where you will get coverage without the survey. This is more so when your vessel is brand new or was recently surveyed. It is, however, good to note that insurance companies have varying guidelines. To be able to know if a survey will be needed, the best thing you can do is contact the insurer directly and ask about their requirements.