An Insurance & Valuation Survey

This inspection is performed so that the insurance company can determine whether or not the vessel is an acceptable risk. They are interested in structural integrity and safety for its intended use. Most insurance companies require a survey on older boats. They will also want to know the vessel's fair market value.

An Insurance & Valuation survey will be required by financial institutions and insurance companies in order to underwrite/insure the vessel.

A survey that is intended to assist insurance underwriters in making underwriting decisions. The survey has two primary purposes:

1. To identify the vessel, its equipment, condition and general value.
2. To identify defects, damage or hazardous conditions that pose a potential threat to the safety of the vessel and its passengers, or any other such condition that is likely to result in loss or damage.

A C&V addresses structural hull and deck, machinery installations, propulsion fuel and electrical systems. Usually the insurance company does not require that the vessel be hauled from the water for inspection. No operational testing or sea trials are performed, unless required by insurer or financial institution. This survey covers the following:

• Hull, Deck, and Other Structural Members
• Machinery Installations
• Fuel, Exhaust & Electrical Systems
• Safety Equipment
• Approximate Market Value & Replacement Cost
• Sails and Mast
• Standing and Running Rigging