Marine Insurance Survey

EMarine Survey - Marine Insurance Survey

What may affect insurance appraisal?

Conditions which may effect appraisal include:

  • condition of the hull above and below the waterline,
  • grounding, laminate, decay or corrosion damage,
  • structural integrity including the hull to keel joint,
  • rudder and steering gear, with emergency steering,
  • decks, fittings, and design of cockpits for powerboats,
  • condition of the machinery, systems and fuel system,
  • integrity of valves, pumps, hose, clamps, vented loops,
  • 12 volt, batteries, security, switches, wiring for fire risk,
  • compliant 240 VAC to prevent electrocution or fire risk,
  • adequacy of the fire fighting equipment and alarms,
  • compliant LPG installation, bottle, locker and detectors,
  • age and condition of mast, rigging, sails and shroud plates,
  • adequate compliant safety equipment and ground tackle.

When is an insurance report requested?

Insurance survey reports are usually requested from a vessel’s owner, by their insurance company every 3 – 5 years or upon:

  • a change of ownership or insurance provider,
  • a change of use or area of operation and
  • after any significant repair or modification.

What is the scope of insurance reports?

These concise survey reports are intended to provide underwriters with sufficient information for insurance appraisal. The scope of our survey reports includes:

  • vessel identification, design and construction,
  • structural and overall cosmetic condition,
  • machinery and systems, condition and service,
  • operation of the seacocks and bilge pumps,
  • security and condition of batteries and wiring,
  • 240VAC compliance to Australian standards,
  • mast and standing rigging service history,
  • LPG and firefighting for compliance,
  • rudders and steering condition and operation,
  • transceivers, navionics and equipment of value,
  • safety for the intended use and operation, and a
  • current market valuation for insurance appraisal.

Three limitations of insurance survey reports include:

  • no in-water survey, machinery or systems trial or the rig aloft,
  • no warranty is implied for compliance to any  standard, and
  • it is not provided for any third party pre-purchase evaluation.