It’s a common question asked, why do insurers need a marine survey?
Insurers are increasingly insisting on more frequent surveys being provided to confirm a boat’s general condition.
I can’t see this requirement changing.
While yes, it adds another cost to owning a boat, the survey does provide a level of independant proof to the insurer that the boat is an acceptable risk on their books.
Often the survey becomes a vital piece of evidence from the boat owner’s perspective when it comes to substantiating loss or damage.
As the Australian commercial and recreational fleet becomes incrementally older each year, there is a valid argument for making surveys more common.
It’s also important to understand where your vessel sits in terms of age and its insurability – this varies from policy to policy with some insurers refusing to cover a vessel more than 20 years old.
Undertaking a vessel survey often is an effective strategy for managing insurable age requirements.