What?!...New survey every two or three years?!

[VF84Sluggo]

Newb here....

Reading again, came across a recent thread (Nov 14) regarding insurance, surveys, and getting/maintaining coverage.

First, I'll step back and say that Boat US did require me to send them a copy of the survey on the '95 Catalina 30 I'm purchasing. I mentioned in a previous thread that the surveyor found many things - not necessarily a bad thing, mind you; most were minor - and I wondered how this might impact insurance. Some posted that they never had an insurance company ask for a survey (Allstate), but Boat US sure does. I am waiting to see what Boat US will require based on the survey findings.

Now, I read where insurers are requiring a new survey every "two or three years." Is this fact? Does anyone have a first-hand experience with this stipulation for maintaining coverage? Not that I plan on letting my boat turn into a pile of junk, but this is just one more expense I'm trying to factor in in my purchase decision.

Sluggo

 

[joker460]

Mine now requests an in water survey every 5 years for a boat over 15 years old. Most of the ones up here are going that way.

 

[woodster]

are you getting liability and comprehensive if so they have a right to know what shape you equipment is in...if you are getting liability only then most times they will not require a survey ...you may want to look at progressive for you coverage ....

 

[VF84Sluggo]

I did. Progressive, even with a USAA 'discount', was $400/yr more than Boat US.

Sure, I don't question an insurers right to verify the condition of the boat. My house has been 'inspected' a few times over the years by an insurance company designee...but it didn't cost me $850 (haul + survey), either!

 

[Don S/V ILLusion]

Sounds like you may be confusing an insurance survey which often does not require hauling the boat with a so-called pre-purchase survey for evaluation purposes.

Do you know which type your underwriter requires?

 

[woodster]

I did. Progressive, even with a USAA 'discount', was $400/yr more than Boat US.

Sure, I don't question an insurers right to verify the condition of the boat. My house has been 'inspected' a few times over the years by an insurance company designee...but it didn't cost me $850 (haul + survey), either!

negotiate the survey requirement with them to coincide with you bi annual haul out or what ever time frame you have and that will help you monetarily or maybe even every 4th year

 

[VF84Sluggo]

First, the good news, just got off of the phone with Boat US and they are happy with the survey I sent them (pre-purchase), no stipulations or restrictions on the policy; good to go with coverage at the slip and underway.

Timing any future survey to a haul for a bottom job makes sense. I just wasn't aware that a survey for continuing insurance is different from a pre-purchase survey. It sounds like it might not be a big (i.e., $$$) then.

 

[Capt jgw]

I've had Allstate on three different boats over the past 30 years. First boat was home built and they asked for a survey but ended up accepting my USCG Auxiliary Facility Inspection which is similar to the voluntary safety check but a little more involved. I don't know if they would have required surveys on the second two, I just sent them my purchase surveys anyway. They've never asked for anything else. I had one claim on the home built, and they paid promptly and even let me do the repairs myself. (I built it and sent it back to the manufacturer for repair).

 

[centerline]

I did. Progressive, even with a USAA 'discount', was $400/yr more than Boat US.

Sure, I don't question an insurers right to verify the condition of the boat. My house has been 'inspected' a few times over the years by an insurance company designee...but it didn't cost me $850 (haul + survey), either!

shop for a surveyor the same way you are shopping for insurance.... and let them know its an insurance survey and not a pre-purchase survey... prices van vary quite a bit.

in a perfect world "ethics" would never be a question, but our world is not quite that perfect, so when you hire a surveyor he may or may not be a bit biased in your favor... and a lot may depend on if you are a likable person or the other kind

in a pre-purchase survey, he can make the boat sound worse than it actually is to benefit you for negotiation purposes, and in an insurance survey, he could make the boat sound better than is really is, for obvious reasons....

is it being dishonest?... maybe or maybe not, but how would one measure some slight degree of partiality that may benefit one party over the other?
but if you're the one paying the surveyor, he/she should be working for you.

 

[Don S/V ILLusion]

In theory, there should be bias based on who is paying for a survey. However, the difference is significant, both in terms of cost and thoroughness, between a condition and value (insurance) survey and a more complete (and therefore expensive) pre-purchase one. The former is typically the preference of an underwriter. People hear 'survey' and always think in terms of the latter.

 

[gettinthere]

I had a pre purchase survey for our 1985 42' boat in 2008 for Boat US. They have not asked for one since.

I wouldnt be surprised if they wont because then I have an easier route to switch carriers.

 

[Stu Jackson]

I had a pre purchase survey for our 1986 34' boat in 1998 for Boat US. They have not asked for one since.

 

[VF84Sluggo]

Good info, gents...thanks much! Indeed, I was confusing a pre-purchase and insurance survey, and did ass-ume they were one and the same.

I'll now stand down from General Quarters

 

[Ken Cross]

Interesting. I just had a pre-purchase survey done on my 1989 Hunter 30 (over $700 including haul out and naturally they missed quite a few items) and when I purchased Boat US insurance they said they didn't need a survey. I have Progressive on my 1977 San Juan 28 and they didn't need a survey.

Ken

 

[VF84Sluggo]

Wow...wonder why I had to provide one? Could be the boat is a 'Florida' boat, probably like how BUC values can vary depending upon geographical location.

Oh well, ended up no big deal.

 

[Joe]

It's because your policy insures at "face value" and BoatUS needs the survey as proof that the boat is what you say it is. I've made improvements to my boat over the years and at my request the insurer increased the face value by adjusting the premium.

 

[Don Lucas]

Now, I read where insurers are requiring a new survey every "two or three years." Is this fact? Does anyone have a first-hand experience with this stipulation for maintaining coverage? Not that I plan on letting my boat turn into a pile of junk, but this is just one more expense I'm trying to factor in in my purchase decision.

Sluggo

Last year after having my boat insurance with Markel for 3 years they asked for a new survey. I pushed back and they allowed a self survey that they had forms etc for. That and a few pictures was all it took instead.

This year I changed insurance companies and all they asked for was a copy of my 5 year old pre-purchase survey.

 

[stephen Penny]

I have never had an insurance company request a survey for my boat or home in all years I have been insured. My homes have been insured either through Allstate, Farmers or Foremost. My boats are insured through US Boat and Cox Insurance. Surveys can be expensive.