Yacht Insurance Survey
Based in Falmouth we provide bespoke yacht insurance surveys covering Cornwall and the whole of the South West of the UK
Commissioned by the owner of a vessel when their insurer has requested a survey prior to renewing an existing policy or starting a new one. A yacht insurance survey involves a thorough inspection by a certified marine surveyor, (we are accredited by the Yacht Designers and Surveyors Association (YDSA), to assess the vessel’s condition and insurability. Typically required when the vessel is twenty years old, although some insurers may request surveys as early as five years from build. Most renewal intervals vary between five and seven years thereafter depending on the broker. The body of the survey is centered on evaluating the potential risk the vessel presents to a marine insurer, with a specific focus on the structural safety and suitability of the craft. Yacht insurance underwriters may also request a separate valuation, a service we provide, conducted by an appraiser. The combined survey and valuation report furnish insurers with a thorough understanding of the vessel, guiding the underwriting process to determine appropriate coverage and premiums based on identified risks.
Yacht owners benefit by securing adequate insurance for financial protection in the event of an incident. This periodic evaluation ensures that the yacht maintains its insurability status by meeting safety criteria and provides peace of mind for both owners and insurers.
Most insurers require an out of water survey every five years to maintain coverage for your boat or yacht. This interval allows insurers to assess the ongoing condition and seaworthiness of the vessel, helping to identify wear, damage, or potential safety issues that may have developed over time. In some cases, older vessels or those with prior claims may need more frequent inspections. A professional marine survey from a qualified yacht surveyor provides a detailed report that supports your insurance renewal and ensures your vessel remains compliant. Regular surveys also help maintain the value and reliability of your yacht or boat.
Yes, an insurance survey typically costs less than a full pre-purchase yacht survey, as it focuses only on the vessel’s condition and seaworthiness rather than valuation or purchase advice. However, this service is only available to current owners and is not suitable for assessing a vessel prior to purchase.