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When is an "Insurance" (C & V) survey needed ?
"Insurance surveys" are Condition & Value (C & V) inspections, performed to determine Condition and Value of a vessel,
to help insurance providers determine level of risk. Though the purpose is insurance coverage, it should be
remembered that this survey aims also to protect you, your crew, family and friends against actual or
potential hazards.
These surveys are usually required in order to obtain insurance coverage on a newly acquired pre-owned boat, or at
intervals during the life of a boat (e.g., first when a boat is 15 years old and every 5 years thereafter.)
Insurance providers are interested in structural integrity and safety for the vessel's intended use.
What does the C & V survey consist of ?
This survey is limited to the needs of insurers and as such does not provide the same depth of
inspection or level of detail as a pre-purchase survey. The C & V survey may not be used
for that purpose.
The vessel is identified by its model and unique hull number, as is all the major equipment aboard. This
inventory is concerned primarily with safety related and/or high cost equipment. All documentation should
be aboard the vessel - registration or license etc.
Through visual inspection and use of appropriate tools, including
traditional percussion and moisture meter, the structural integrity and
soundness of the hull, decks and cabins are determined. Special
attention is paid to sections and fittings below the waterline. Safety
related features of the boat over and above requirements are noted, as
are deficiencies, with consequent level of risk evaluated. All systems,
including engines, are inspected for gross deficiencies. Trailers are
not inspected as this is the responsibility of the appropriate
provincial authority.
No invasive or dynamic tests are performed. In the case of sailboats, installed rigs are normally not inspected above deck
level unless there are clear indications this is required.
An evaluation is included, Fair Market Value determined by recent selling prices of similar vessels in your area.
Consideration is also given to the value of added equipment.
Is it better to do the survey afloat or ashore ?
Both situations present some limitations. However through a variety of techniques a surveyor can perform a C & V
survey afloat or ashore.
Who gets the report ?
The report is emailed, faxed or snailmailed to you and/or your insurance provider, as you specify.
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What if you disagree with a part of the report ?
The Marine Surveyor has to maintain his or her integrity, and report all conditions he/she witnesses aboard the boat.
However, as the client you have every right to question the report. A revisit to the boat may be required.
How much will a C & V survey cost ?
Normally the surveyor will provide an estimate of the survey fee after asking you a few questions about your boat.
Some of the factors which affect the fee are: age of the vessel, type
and material of construction, length overall, type of propulsion,
whether or not a previous survey report is available for review,
whether or not the surveyor has to prepare the boat for survey
(cleaning, sorting out gear etc.), ascend the mast etc.
One of the best ways to ensure the fee will be the lowest possible is to prepare your boat for the survey.
Your boat should be clean, you should remove all non-essential items that may impede the surveyor. All covers should
be easily removable, all lockers & compartments under berths etc, should be emptied. Please note that there should be
a minimal number of persons aboard the boat - usually the surveyor and the owner or his/her representative.
Some surveyors charge per foot of length overall as stated by the
manufacturer, others charge hourly fees. In any case you can expect to
pay between $ 8 and $ 15 per foot for a C & V survey, no matter if
the fee is length or hourly based. Please note that the conditions
described in the last paragraphs may vary greatly, and result in a
final fee lower or higher than the original estimate.
Travel further than 25 km from Shediac is charged at reasonable rates.
On longer trips, payment for travel may be required in advance.
Who pays the fees ?
Normally, you as the boat owner are the client and you pay the fees. This is appropriate
as the surveyor is working on your behalf.
Other questions ?
If you have other questions, please do not hesitate to contact
me by email or telephone.
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