My insurance company wants a new haul-out and survey.

[merlin]

I've owned/insured my 2003 41 Dancer for five years and that's why they want a new report. Is that standard? Naturally I hauled her out and gave her new bottom paint two years ago. Should I repaint the bottom now anyway? Anything else I should do while she's in dry dock?

 

[Creekwood]

I had the same issue last year, but did not require a haul out. They accepted an in-water survey. Its because I had an agreed value policy and I have owned the boat for a few years now. They reduced the "agreed value" to the current estimated market value from the surveyor. The good news was my insurance premium went down. That bad news was that the depreciation in estimated value is now clearer. Not a big deal I guess, but depreciation is the one cost that is easy to ignore when you think about cost of ownership.

 

[Z-Worthy]

My family has had ACE Yachtsman policies for decades and we've never been asked for a survey. I don't think that's really a standard practice, but I certainly hope it doesn't become one!

 

[boatman37]

we just added ours to our state farm policy. they did ask when the last time was it was hauled out and worked on. i just told them that i had just put it in the water a few weeks earlier and that the local marina went through it beforehand. they were good with that. and yes, i did have the insurance put on before we dropped it in the water but it took them a few weeks to get around to asking me about this. they did say that i was covered the whole time though? and we have agreed value policy

 

[Gofirstclass]

I had to have a survey done before I renew this fall. I had pulled the boat last October for bottom paint and maintenance so they accepted that and said I could do a in-water survey. I have a agreed upon value policy and the surveyor's Fair Market Value came in well over the policy value so they were happy.

 

[JimFromMD]

I just had this conversation with my insurance rep about shopping my policy. She told me that in my area, Travellers and Ace are the only ones that do not always require periodic surveys. Ace sometimes does, but allows you to complete a self-survey package. (What that is Im not sure.). Her point was, that if I wanted to switch policy providers, I would need a new survey and to be sure I was willing to go through that before starting the search. In other words, if my policy was going to go down $50 or 100, was I willing to spend $3-500 for the survey to change over, and potentially additional for periodic surveys thereafter. I stayed where I was for now, but planned to dig into that periodic survey requirement a little further going forward.

 

[RollerCoastr]

we just added ours to our state farm policy. they did ask when the last time was it was hauled out and worked on. i just told them that i had just put it in the water a few weeks earlier and that the local marina went through it beforehand. they were good with that. and yes, i did have the insurance put on before we dropped it in the water but it took them a few weeks to get around to asking me about this. they did say that i was covered the whole time though? and we have agreed value policy

I have the 280 covered by a State Farm boat policy. I called this spring to remove in-water coverage because I kept her in indoor storage this summer. They told me that it didn't matter, there was no savings on a boat policy, and they don't offer yacht policies. I'll probably reconsider using a boat policy by the time I splash her, but they didn't require a survey from me either.

 

[Havana Shamrock]

Im curious about who pays for the haulout and survey if they request it?


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[Gofirstclass]

I have the 280 covered by a State Farm boat policy. I called this spring to remove in-water coverage because I kept her in indoor storage this summer. They told me that it didn't matter, there was no savings on a boat policy, and they don't offer yacht policies. I'll probably reconsider using a boat policy by the time I splash her, but they didn't require a survey from me either.

RC, you should check into a yacht policy with a yacht insurance broker who represents several insurers. There are some HUGE differences between boat policies and yacht policies without a huge difference in the cost.

Boat insurance, like many kinds of insurance isn't worth what you spend on it.....until you need it.

 

[fwebster]

Insurance companies frequently require C&V surveys to prove condition and value on:

1. Older boats, usually at 10+ years
2. When you request an agreed value far above the actual value of the boat
3. When you have had coverage by multiple companies in recent years
4. When you have had a fairly large claim.

The insurance company just want to be sure the agreed value is somewhere in the ball park of correct for the vessel, otherwise unscrupulous insureds could buy a total loss for cash somewhere then write a huge agreed value on it right before "it sinks or burns up". In the case of a substantial claim, if a surveyor is involved in the repairs, you won't get a survey request because they already know the extent of the damage and the value, but if it is a purely mechanical repair but is substantial relative to the fair market value of the boat, an adjustor usually handles the claim and you may get a survey request to verify value……..not to get even with you or punish you for filing a claim.

 

[Creekwood]

Resurrecting this old thread. My insurance company requested an updated survey before this fall. Last one was in 2014. I got the same surveyor to do it this year. Just got the results. Rated it good to very good condition. I asked him whether the current "hot" market prices would impact the value. He said that they would not because they use tables that are not updated each year and would not reflect the hot market. (for me that is OK, because the 2020 spike would increase my premiums.). That said, the appraised value was about $5,000 more than what it was in 2014. That was good to see. I still love the boat and the fact it is holding its value nicely is a testament to buying carefully and maintaining what you have to keep your overall cost of ownership as low as possible.