The question of can you insure a boat without a survey is one of the most frequent queries from boat owners. This is so because each insurance establishes its own rules. A survey may be required by some insurers, but not by others. Therefore, getting in touch with an insurer directly and asking them if you will require a survey report is the best course of action. However, it is typical for insurance companies to demand a maritime examination in Washington D.C. if your vessel is older than ten years.
An insurer may ask for a Washington D.C. marine survey for a number of reasons. When your vessel is old, you will definitely be required to provide a survey report. Older ships are more prone to problems and require more maintenance and repairs. In order to obtain a more thorough marine survey report, an insurer might even demand an out-of-water survey. If your boat is of an unidentified make or model, the insurance might also demand that a survey be performed. In this situation, the survey’s goal is to ascertain the vessel’s quality of construction and the reputation of the builder.
What is the Difference Between Pre-Purchase and Insurance Survey?
When purchasing a boat, it’s vital to be aware that some sellers may provide an insurance survey and attempt to pass it off as a sufficient pre-purchase inspection. The two types of surveys actually differ significantly from one another. An insurance survey is less thorough than a pre-purchase survey. It verifies everything and frequently includes both a haul-out and a sea trial. Contrarily, an insurance survey concentrates on the main requirements of an insurance company. This indicates that the entire vessel will not be evaluated.
Never accept the insurance survey when purchasing a used boat. You require a detailed pre-purchase survey that evaluates the vessel’s condition. Pre-purchase inspections include checking the electronics’ functionality, the condition of the engine, the navigational equipment, the lights, and everything else on the boat. A list provided by an insurance company is the focus of an insurance survey.
What is the Difference Between Agreed and Market Value?
Understanding the distinction between an agreed value and a market value is crucial when taking out an insurance policy. These are the two choices that insurance companies offer. The market value policy is subject to change. You might have paid more for the boat’s insurance than you would recover in the event of a total loss. A value that you and the insurer have agreed upon is referred to as an “agreed value.” In the event of a total loss, the insurer will pay the agreed-upon value rather than the going rate.
As you can see, the subject of can you insure a boat without a survey does not have a straightforward answer. The only way to receive a definitive response to this query is to have a discussion with your insurance carrier.