What does Marine Survey mean? Read on to discover the definition & meaning of the term Marine Survey - to help you better understand the language used in insurance policies.
A marine survey is a watercraft inspection and appraisal, which insurers typically require for boats over 10 years old or extremely valuable watercraft (e.g., over $35,000). The survey generates detailed information about the vessel, including identification, description, and condition of the (a) hull, (b) fittings and equipment, (c) electronic and safety equipment, (d) galley (if applicable), (e) engines, (f) electrical system, and (g) firefighting equipment. The vessel is normally hauled from the water during the survey for bottom inspection, although the insurer may allow an in-water survey. In some cases, the survey includes a sea trial. Often the same survey used for purchase considerations is used to obtain insurance. In addition, the survey typically indicates the craft's replacement cost and insurable/market value.
We hope the you have a better understanding of the meaning of Marine Survey.