To answer the question of do you need a survey for boat insurance in Fort Lauderdale, you first need to ascertain the value, use, and age of the target boat. Every insurance company has its set of guidelines. It is thus important to contact your target insurer and ask if an insurance survey will be needed before they insure your vessel. It is, however, a common practice for insurance companies to ask for a water survey to be done if a vessel is more than 10 years old and is moored permanently. The most comprehensive survey is the one that includes a haul-out. Haul-outs help inspects the boat better inside and out.
Another situation where an insurance company can request a survey is when the boat is too old or of an unknown model or make. The purpose of the survey in this case is to determine if the vessel has been constructed well and if it was built by a well-known or reputable builder.
Another common question people ask is this, do you need a survey for boat insurance if you use the same insurer that previously insured the vessel? The short answer to this question is it depends. Some insurance companies will accept existing insurance surveys if the surveys were done recently. However, it is good to note that most insurers will want a new survey to be done once the vessel has been sold to another owner.
As you may already know, an insurance survey is not as comprehensive as a pre-purchase survey. What this means is that there are fewer items that are inspected in an insurance survey. With that being said, it is always good to speak with your insurer to learn about the items that need to be inspected. The last thing you want is to spend more money inspecting areas that will not be relevant.
Another important thing you must understand when buying boat insurance is the difference between the agreed value and the market value. When the policy is for market value, the value that your vessel is insured for will fluctuate. This means you may be paid less than what you have invested in the event of a total loss. Market value policies are cheaper. Agreed value, on the other hand, means that you and the insurer agree on a value. In the event of a total loss, you will be paid the agreed value.
It is always good to speak with your insurance company to understand what will be required in an insurance survey. You also need to read the policy carefully to avoid getting the wrong cover.
Do You Need a Survey for Boat Insurance