Insurance Condition/ Valuation / Damage /Machinery Surveys

Insurance Condition Survey (Part or Full)

This survey includes the examination of the hull both internally and externally, the penetrations through the hull such as sea valves and prop-shafts, the decks and all attached superstructure, all internal fixtures and fittings, machinery, safety equipment, firefighting equipment, and navigational equipment.

This survey is normally carried out with the vessel out of the water.

It Provides a good general overview of the vessels structure and systems that can be submitted to your insurance to ensure continuing cover. Insurers require vessel over a certain age, normally 20 years old, to have an insurance survey to be undertaken periodically, but check with your insurer. Some owners believe their vessel is sound, well maintained, and seaworthy and the insurance survey is an unnecessary expense. However, it is usually the case that an insurance survey will reveal a few defects that the owner was not aware of.

An insurance survey inspects the structure and the vessel’s safety systems such as the gas and the firefighting systems and others.

Scope of insurance survey – An insurance survey covers most of the scope listed under the pre-purchase survey for either power or sail vessels but can omit certain non-structural items such as sails and covers, freshwater system, heads, electronic aids, and heating / refrigeration.

The survey report is tailored to the needs of insurance underwriters, and therefore is more concise than a pre-purchase survey. Dorset Marine Surveys have developed an insurance survey report template that UK underwriters accept.

Valuations

A Valuation Survey is the Surveyors opinion on the fair market value of a vessel at the time of survey. This type of survey is often a requirement of finance companies if funding is required to buy a vessel, or by insurance companies prior to issuing cover.

Dorset Marine Surveys carries out Valuation Surveys on all types of vessels throughout the UK and internationally. All our surveyors are recognised by most finance providers and insurance underwriters that may require Valuation Surveys.

The Valuation Survey is usually carried out as part of a Full Condition or Insurance Survey. If the Valuation Survey is carried out separately the limitations of this type of survey will clearly be stated.  For example, the vessel is inspected afloat this will be stated in the Valuation document. A financial institution or Insurance Company will advise you of their exact requirements.

Valuations take Age, current condition, the general market, the number of vessels currently on the market, recent sale prices, amongst many other criteria.

Damage Surveys

The importance of carrying out this type of survey promptly so that damage caused directly by the accident can be more easily identified. The Damage Survey can also be carried out for an owner or vessel manager. The Damage Survey only looks at the specific area of damage on the vessel and generally one function of the survey is to find the cause or reason for the damage. We will also look at further damage such as buckling of frames further back into the vessel, following an impact or accident. A report is provided detailing the findings of the Damage Survey. The report is factual in detailing the damage and gives recommendations for repair. It will not provide an estimate for repair.

Dorset Marine Surveys carries out Damage Surveys throughout the UK and worldwide on all types of vessels.

Machinery Survey

Machinery survey inspections are carried out to identify the damage or loss of the incident on Machinery and to also witness and supervision of repair operations, , causes of the incident and estimates of the loss or damage. We inspect all types of vessel’s machinery damaged including repairs machinery breakdown,. providing itemised assessment and reviews of costs in all this type of incidents.