Category: Ft Lauderdale Marine survey

One of the main questions boat owners ask is can you insure a boat without a survey? The answer to this question depends. This is because every insurer sets its own guidelines. Some insurers will require a survey to be done while others will not. The best way to answer this question is thus to contact an insurer directly and ask them. However, if your vessel is more than 10 years old, it is common for insurance companies to require a marine survey in Fort Lauderdale.

There are several conditions that cause an insurer to request an Ft Lauderdale marine survey. The main conditions are when your vessel is old. Older vessels are prone to issues and are harder to maintain and repair. As a result, an insurer may even require an out-of-water survey to get a more comprehensive marine survey report. An insurer may also require a survey to be done if your boat is of an unknown make or model. The purpose of the survey, in this case, is to determine if the vessel is well-built and that the builder has a good reputation.

Difference between insurance survey and pre-purchase survey

When buying a boat, it is important to note that there are sellers that will present an insurance survey and try to pass it as an adequate pre-purchase survey. The truth is there are a lot of differences between the two types of surveys. A pre-purchase survey is more comprehensive than an insurance survey. It checks everything and often involves a haul-out as well as a sea trial. An insurance survey, on the other hand, focuses on the key items required by an insurance company. This means it does not evaluate the entire vessel.

When buying a pre-owned boat, you must never settle for the insurance survey. You need a pre-purchase survey that assesses the condition of the vessel thoroughly. Pre-purchase surveys include inspecting the operation of the electronics, engine condition, navigation gear, lighting, and everything on the boat. An insurance survey focuses on a list provided by an insurance company.

Agreed Versus Market Value

When taking out an insurance policy, it is paramount that you understand the difference between an agreed value and a market value. These are the two options provided by insurance companies. The market value policy can fluctuate. You may have spent more to insure the boat than you will get back if there is a total loss. Agreed value, on the other hand, means that the insurer and you agree on a set value. If there is a total loss, the insurer will pay the agreed value and not the current market value.

As you can see, there is no simple answer to the question of whether can you insure a boat without a survey. Discussing with your insurance provider is the only way to get a clear answer to this question.

Ft Lauderdale Marine Survey

 

The first step when purchasing a boat is identifying the vessel that you want to buy. There are so many vessels on the market. Even as you match the vessels with your intended use, reviewing the service history is important to see whether the boat complies with the manufacturer’s guidelines. The deposit should be paid after this. If you don’t understand the paperwork on any other detail, you need to ask an expert in Ft Lauderdale Marine survey for clarification. Once everything is clear and satisfactory, it is time to sign a contract after you identify and inspect a boat in person. Once you receive the contract, you can go ahead and pay a deposit to arrange a mechanical inspection and boat survey.

What should be in the contract?

A contract of sale must be drafted and approved by the buyer and seller before the deposit is paid. It is customary to pay a deposit and include language in the contract stating that the remaining balance is due after a positive boat survey. The survey must be finished in a specific amount of time, and a sea trial must be conducted. The money is entirely refundable if problems with the boat survey arise and you and the seller cannot agree to solve them or negotiate a solution. Standard settlement times range from two to four weeks, allowing you enough time to perform your due diligence prior to handover. If your settlement term is brief, you might not give yourself enough time to schedule an appointment with a competent surveyor.

Who pays for the survey?

Now to the big question, who typically pays for a boat survey? The answer is the buyer. The person who hires a boat surveyor is the one that pays for the services. This means a boat owner can also hire a surveyor for the inspection of their own boat. In this case, the boat owner will be paying for the service. As a buyer, you should always hire your own independent surveyor. The last thing you want is to be misled by the surveyor that works for the seller.

In addition to being the one paying the surveyor, it is good to note that there are other costs you will have to pay. A common cost when you need a pre-purchase survey is the cost of slipping. This is the process of removing a boat from the water for an inspection or repair. You may also have to pay for the cleaning of the hull once the boat is slipped. You will also be responsible for the cost of a sea trial.

Now that you understand who typically pays for a boat survey, it is paramount that you be careful before hiring a surveyor. Not every surveyor will be right for the job. Take time to review a surveyor’s track record, experience, and how detailed their survey reports are. Only hire a surveyor that has worked on vessels similar to the one you are targeting.

Who Typically Pays for a Boat Survey