Passenger Vessels | Commercial Marine | Professional Liability
BMI News Summer 2005 Online Issue
Survey
Information
by
Marty Blackadar
SURVEYS, WHY, WHEN, WHO...
We are often asked why do I have to have a survey done on my boat or why should I have one done on my boat? I'll attempt to discuss a few of the most common here and welcome you to let us know what else we might cover on the subject another time.
There are several different kinds of surveys that a boat owner, prospective buyer, insurance underwriter, or claims adjuster might need or want to have done on a boat.
Condition & Value
This survey is for purposes of determining the condition and value. Usually this is the survey or report an underwriter is interested in to get an idea of what the risk is all about. What is the boat's current or market value as compared to the replacement cost is an important part of the surveyor's report.
Pre-Purchase
This is the obvious choice if you're contemplating the purchase of a boat. This inspection can shed light on things you may not have observed, the seller neglected to mention, help in your negotiations and definitely give you a tool for financing and insuring the boat.
Underwriting Survey
Underwriter's do not often offer to assume the cost of survey's on boats anymore, but if they do they are usually asking the surveyor for a report that includes condition and value information, overall maintenance and operational impression of the vessels intended use and the owner's knowledge of his vessel. This report is the property of the insurance company and usually not available to the vessel owner accept for any recommendations that may result from the inspection.
Claim Or Loss Evaluation
Adjuster's at the company level may ask a surveyor to evaluate the damage to a vessel for the claim and follow the repairs in order to assure that the repairs are made in acceptable manner. A follow up survey to the finished repair may be part of the company's risk management participation with the vessel owner to mitigate future losses and assure safety.
Marty Blackadar
President
