What is a marine survey?
A marine survey is a detailed inspection performed by an independent, licensed professional to confirm the condition and value of a vessel. Both the boat’s interior and exterior are thoroughly examined by the surveyor. After the inspection is complete, the surveyor will provide you with an appraisal document. This comprehensive report will note the seaworthiness of the vessel, along with any potential safety concerns or maintenance items to be addressed.
Why do I need a marine survey to get boat insurance?
Insurance companies will ask for a marine survey to determine the current value of your boat, along with how well it operates. This information helps insurance companies access the risk and safety of your vessel. Since vessels of a certain vintage tend to experience more operational problems than newer boats, insurance companies will typically ask for a survey on used boats that are over 15 years old.
Can I get boat insurance without a survey?
Yes, in some scenarios. The size or age of your boat most commonly determines whether a survey needs to be completed. For example, boats under 21 feet do not typically require an insurance survey. If you are only looking to obtain dock liability, you will also not need a survey. However, for vessels that are over 15 years old and over 21 feet long, an insurance survey will be requested.
How much can I expect to pay for a marine survey in BC?
The cost of a marine survey – performed by an accredited or licensed surveyor – will vary based on age and size of your vessel, as well as the type of survey conducted. For insurance purposes, you will want to request a “Condition and Valuation” survey, also commonly referred to as an “Insurance Survey”.
In BC, most marine surveyors typically charge between $20 to $28 per foot for a boat insurance survey.
Many surveyors can also offer pre-purchase surveys, appraisal surveys, engine surveys and damage surveys as well. While pre-purchase and insurance surveys are typically conducted based on a rate per foot, other reports, such as appraisal or engine surveys, may be billed at a set rate or fee. Surveyors may charge other additional fees for specific services, such as consultations or corrosion testing, depending on what is requested or required.