Understanding the Importance of a Marine Survey for Insurance

marine survey

Just after your insurance agent says your boat needs a survey, you may find yourself asking, “What is a marine survey for insurance?” A marine survey is more than a superficial inspection of your boat that indicates whether it is seaworthy. To help your insurance company understand the condition, value, and state of your boat, your insurance company will use the evaluation to locate issues that could cause future problems and lead to imminent claims against the company. The survey can also help determine the craft’s value.

Types of Surveys

Information found at www/merrimacins.com/ identifies the three types of surveys for water crafts as:

1. Hull and Machinery

Used for identifying problems with barges, tugboats, and ship engines, this is a special marine vehicle equipment evaluation.

2. Yacht and Small Craft

Known as a general inspection of pleasure and small working boats, this survey often takes place prior to the purchase or sale of a small marine craft.

3. Cargo

Responsible for a craft’s cargo, this type of surveyor doesn’t inspect the ship itself, but the individuals do focus on the goods the ship transports.

Your insurance company will use the surveyor’s report to value your watercraft instead of viewing the boat themselves. That is why the marine survey is a critical document in insurance valuation.