Getting a survey because its required to obtain insurance...word to the wise

Every now and again situations come up throughout the course of my day that I like to share with others so that everyone can learn from the situation. Knowledge is definitely power and can save you money in the end.

Marine surveys are usually required to obtain new insurance on a boat that is 10 years and older. The way you calculate the age of your boat in insurance terms is:

Current Year - Model Year + 1= Effective Age of boat

Many carriers have a requirement/preference that your surveyor be accredited NAMS/SAMS etc. I've had people pay for surveys with some unaccredited marine surveyor just to have them not accepted by the insurance company. Then they had to re-spend the money to get a survey done by an accredited marine surveyor.

Also, BE VERY CAREFUL and be very specific on what you are asking for. Appraisals are different than Surveys! Appraisals are usually very short checklist/report and a survey is often times 20 pages long and extremely details with valuation and recommendations at the end. Do you homework before footing the bill. Make sure that you are getting an actual CONDITION AND VALUE SURVEY (Hull & Machinery survey or similar). At least this is what most insurance companies that I work with require.

Bottom line, communicate with your insurance agent prior to scheduling your survey. We can help you find a surveyor that is accredited and that will provide you with the proper type of survey. It can save you the hassle of having to pay double for a survey. Just my two cents for the day. Happy New Year everyone!!!!