Insurance Value Survey

aero3113

My insurance is calling for a survey for 2025 renewal. The boat will be out of the water and shrink wrapped when it’s time to renew. If I had a survey done before I pull it out of the water this season, can I use that survey for 2025?

captkevin

Don't they want to do the survey while boat is out of water?

YYZRC

My insurance requires a "lean" survey for boats over 15 years old, not nearly as detailed (or costly) as a pre-purchase survey.

Ian

Mine don’t under 50’

aero3113

@Ian, who do you use? 

Ian

Allstate. They do all mine and coverage is excellent.

aero3113

I’m with Seainsure now. Does Allstate cover mechanical failure? Supposedly Seainsure does but not sure how good it will be if needed.

Ian

Hit a log and take out a drive - yes. Break a con rod no but I don’t think others cover that either.

Aqua_Aura

Interesting. Policy does say they cover mechanical breakdown, I would be interested to see some examples and reviews from other customers. 

Willhound

In my experience mechanical break down means that they will cover the cost of tow/recovery of the vessel and some $$ for transportation, rooms, meals to get you home if on a cruise. Not the cost of mechanical repairs caused by failure. 

aero3113

I spoke to SeaInsure, the mechanical break down coverage is for boats 15 years or newer. If you have paperwork showing you have engines newer than the boat they would send it to the underwriters to update the policy.

aero3113

I also found out that my survey isn’t required till September of 2025. So I have some time and will get it done next season if I stay with them.

aero3113

I had my Survey done today. Figured I should do it now while she’s nice and clean, fresh bottom paint and out of the water. One thing I didn’t like was the guy stepped on the starboard oil filter to help get him out of the engine bay. Luckily he didn’t dent it! Curious to see what value he comes back with! ⚓️

YYZRC

How much was the survey @aero3113 ? Up here it’s the equivalent of about $400+ USD. 

aero3113

@YYZRC I’m pretty sure he told me $625, he’s going to invoice me. I’ll let you know. Hopefully he’s accurate, was the only guy that seemed professional and answer his phone!

aero3113

$660 @YYZRC , I should have it in a couple days.

captkevin

Ouch & that is required by your insurance? We have an old houseboat on bull shoals lake in Arkansas. We have to get it surveyed every so many years for insurance. Last time around there was not one that would do the survey. We have people that take care of our property down there & had to pay for him to get certified to do surveys so we could keep insurance.

aero3113

@captkevin when I first got the boat and insurance the survey wasn’t needed because the boat was less than 15 years old. 5 years has passed and now it’s required for renewal. I’m not sure how often it will be required, maybe every 5 years 🤷🏻‍♂️.

YYZRC

I think up here it’s every 2 years. Stupidity. 

aero3113

I hope it’s not every 2 years!! That’s crazy!!

aero3113

I just did a quick Google search and it says typically every 5 years. I wonder if 2 years is a Canadian thing? Or maybe it’s insurance company specific?

YYZRC

I could be wrong. My insurer requires a survey at 20 years so I gotta sell the boat by then!

Ian

Never done

cls10105

my insurance has never asked for one and it is a 2002. Hopefully they don’t start!

Ian

Mines an 03, got in 13 and insured set value, renews each year no issue.

aero3113

I received my survey report today and very happy with the results and estimated value. He even stated in the report that I’m an Aircraft Inspector and pays close attention to detail. Now I have to submit the report to insurance and adjust the insured value.

captkevin

Congrats on the positive outcome. Guessing your boat has to be in the 1% category of what they normally survey Not many people take as good of care as you.

aero3113

Thanks @captkevin
I sad to him that he must see a lot of boats that are a mess. He started laughing and said yes….