The marine insurance survey is the most common and most complete inspection conducted by a surveyor. Designed specifically to meet the demands of the insurance companies and lending institutions, it needs to evaluate and assess the financial risk implicated in insuring or financing the boat. The objective of this inspection is to give details on the boat's condition and value when the survey was conducted. Basically, the marine insurance survey will only involve detailed visual assessment of the boat, except when the insurer or lien-holder necessitates an operational testing or sea trial. It shall examine the safety and se-worthiness of your vessel, on the basis of the present condition of its systems, equipment and structure alongside the assessment of the boat's fair market value. A marine insurance survey will usually be a pre-requisite prior to provision of coverage. A survey similar to that will also be required every five years as a must for renewal of coverage. When it comes to the point that an accident, vandalism or theft occurs, a damage survey shall be conducted to evaluate the extent and cost of damage to the vessel.
One factor to consider in choosing a good surveyor to obtain a good marine insurance survey is the background like for instance the membership of an accrediting organization offering designations signifying that a member has met strict technical, professional and ethical standards. With these at hand, you will have knowledge that the person you are considering is a credible professional. Select a marine insurance surveyor specializing in offering surveys for your specific type of vessel. A surveyor for a Yacht or any small craft for instance, specializes in surveying small vessels with a length of up to 300 feet. Once your surveyor met this standard, the next step is to ask if he/she can provide validation of expertise, work experience and qualifications. You can review and verify the resume with the references from previous clients readily available upon request. A marine survey business may have existing employees or many associates so be sure to choose the surveyor, not the company only. Choose someone whose credentials are on the letterhead or advertisement. You should also evaluate a sample of report from a survey conducted on a similar boat and see to it that it is professionally done.
It is crucial to request this as it is indeed significant to know if your surveyor provides you with a report on your boat without lacking detail and clarity. Be cautious that the marine insurance surveyor can black-out any personal information of the client or specific details of the boat. Also, try to find out if your surveyor has any existing professional liability insurance like the one called Errors and Omissions insurance. It may be limited though, to seek remedy beyond the marine survey company's assets once negligence should come up. Also take note that if your marine survey is for insurance purposes, bear in mind that the insurer will typically reject if once the survey is conducted by a surveyor who is directly associated with a marine or boatyard due to the possibility of conflict of interest.