Insurance Condition Survey
Insurance Condition Surveys are undertaken to provide an underwriter (Insurance Company) with an appraisal of the condition of a craft for insurance risk.
In New Zealand many underwriters require a risk survey on vessels that are over 20 or 25 years old.
An out of water inspection is required.
Insurance condition surveys are a risk survey for the underwriter. In other words the underwriter (insurer) needs to know what the risk is for insurance cover.
Many surveyors or boatbuilders do not fully understand what they are providing and this is not helped by some underwriters who are not entirely sure of what they require.
Some underwriters have specific forms that they require to be filled out, and others will leave it to the surveyor to provide a report. Please discuss this with your insurance company and inform the surveyor if the insurance company has a set requirement.
An insurance condition survey should not be used for pre-purchase purpose. As a purchaser of a vessel you will need to know a lot more about the boat before you purchase it.
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