Yacht Insurance Survey Report

The Insurance survey report is something most yacht insurance companies require to be undertaken every 5 to 8 years throughout the insured life of the vessel. The reason for the survey is obviously to reduce the risk of claims caused by vessel deficiencies through poor maintenance, undetected damage and/or wear and tear as the vessel ages. The Insurance Survey looks for issues which effect the seaworthiness and general integrity of the vessel and any valuation provided is to advise the owners and the insurers as to whether the vessel is over or under insured.

(NB: If a vessel is under insured, insurers can refuse to pay all of a claim for repair, paying only a proportion which reflects the ratio of the value insured to the value covered)

Typical items of interest to the surveyor undertaking an insurance survey is the structural state of the hull and bulkheads, the state of the rigging, keel attachment and any items with a recommended service interval such as the rubber diaphragm of a saildrive unit which is required to be replaced from time to time.

The survey is much less interested in aesthetic aspects such as the state of paintwork or the condition of gel coat and matters such as Osmosis which is not effecting the structural integrity of the hull is not of great interest. The surveyor will want to know the last time the mast was de-mounted for a full inspection and the age and condition of the standing rigging and attachments.

For a vessel which lives on a floating mooring with occasional grounding the surveyor will pay particular attention to the condition of the chain and windlass attachments as well as the condition of the keel and keel attachment. An X-ray inspection of the keel bolts may be called for to check keel security.

Since 3rd party injury and fire damage also fall within the sphere of liability of the insurance company, the safety of crew at sea and the provision of adequate fire protection and extinguishers will also be of interest to the surveyor conducting an insurance survey.

Quite apart from the requirements of the insurance company, the surveyor has a natural duty of care to mention to the owner any deficiency which he notices which could be or could become an issue to the owner.