To determine if a vessel is an acceptable insurance risk, the underwriter or insurance agent may require a current survey. While containing less cosmetic detail than the Condition and Valuation Survey, an Insurance Survey considers the structural integrity and safety aspects of the vessel, compliance with ABYC standards, federal requirements and NFPA is checked, and serious deficiencies are reported. A current value for the vessel is provided.
To continue coverage, many insurance companies are requiring an Insurance Survey on older vessels every few years.
