Insurance surveys and boat valuations: two different jobs

The survey your insurer may ask for

Insurers set their own requirements, and those requirements are a matter for your policy and your insurer, not for this page. What can be said is that a survey is commonly part of the picture. The YDSA notes that a pre-purchase survey should generally be usable to insure or secure finance on a boat you have purchased, and that "if you decide not to have a pre-purchase survey you may still need an insurance survey" (YDSA, types of survey).

• Ask your insurer or broker exactly which survey type they require, whether it must be out of the water, and how recent it must be.
• Ask whether they require a surveyor from a particular body or with particular qualifications.
• Ask whether they require a valuation as well as a condition report; those are separate deliverables.
• Get the answer in writing before you instruct, so the surveyor can scope to the requirement rather than to a guess.

We are not insurance intermediaries and nothing on this site is insurance advice. Survey requirements, intervals and vessel age thresholds are set by individual insurers and vary between them. Read your policy and ask your insurer directly.

The damage assessment, where the surveyor is not yours

This is the distinction that surprises owners most. The YDSA describes it directly: "In the event of an accident or incident, your insurance company is likely to instruct an independent surveyor to obtain details and to assess the extent of any damage. In this situation, the surveyor's client is the insurer, to whom he must report." That surveyor is independent, but they are not acting for you, and their report is prepared for the insurer. If you want your own opinion of the damage, that is a separate instruction and a separate fee.

What a valuation actually is

A valuation is a distinct piece of work with a distinct evidence base. The YDSA explains why a professional does it better than a well-researched buyer: "a professional surveyor has access to more accurate information regarding the actual sale price rather than advertised price", through specialist sources and a network of surveyor and broker colleagues, combined with an understanding of the condition of the particular vessel. Advertised prices are asking prices; the difference between the two is the entire point.

• Request it explicitly. The YDSA is clear that a valuation is not normally included with a pre-purchase survey report.
• Say what it is for. Finance, insurance, probate, a dispute and a sale are not the same instruction, and the basis of value may differ.
• Expect it to be dated. A valuation is an opinion at a point in time, in a market that moves seasonally.

When a valuation becomes an expert report

If the value is disputed and the matter goes to court, the product changes again. The YDSA notes that a surveyor acting in a dispute "has a primary responsibility to the court and needs to understand the requirements of CPR 35", and that expert reports "must adhere to detailed and stringent rules governing content". Part 35 of the Civil Procedure Rules confirms it: the duty of experts is to help the court, and "this duty overrides any obligation to the person from whom experts have received instructions or by whom they are paid" (CPR Part 35). Expect a materially higher fee, because the report has to survive scrutiny by another expert.