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Insurance and Surveys


Martinb
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Morning all.

 

We are in the process of assessing our options and looking to whether now is a good time to change our Narrowboat for something newer and more future proof to our needs.  We had her valued last year and with the work we have done and the current climate we are looking at a higher price than what we bought her at. 

 

Our current narrowboat was our first and we have had her for 5 years.  She was built in 1973 therefore more on the older side of boats.  She is in very good condition however and has had work done inside and painted outside.  She was partially overplated prior to us getting her but this was done well so no issues were identified on the last survey.

 

One of the aspects we are considering is that our insurance is up for renewal in April this year and we are currently with Craftinsure.  They wavered the need for a survey last year but will require one this year.   If we are looking to change our boat it would seem sensible that the survey is paid and arranged by anyone wishing to purchase the boat and therefore are there any insurers that would insure without a survey or at least would not need one only 5 years down the line.

 

I am aware that 5-7 years seems to be the norm with older boats and surveys but it would be helpful to understand if there is any wriggle room in this to allow us time to explore all our options.

 

Thanks in advance

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6 minutes ago, Martinb said:

I am aware that 5-7 years seems to be the norm with older boats and surveys but it would be helpful to understand if there is any wriggle room in this to allow us time to explore all our options.

 

Thanks in advance

The only way to get an answer is to talk to your insurer.  I was once allowed a two year extension because work was being done on the boat.  Insurance companies all seem to have tightened up the rules.  I can remember when there was no need for an out of water survey at all.  Now four years seems to be the norm.

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You could insure it from April for just 3rd party (then no survey is needed) until it is sold.

On a 40 year old boat the buyer will want a survey anyway, so, should they then buy it that will give them the 'survey for insurance' that they need, and, will also tell you if there are any problems.

Edited by Alan de Enfield
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I imagine that if you select a good surveyor then it maybe easier to sell your boat with a survey very recently done. 

 

If someone else pays for one at the time of sale then theres more room for them to negotiate the price downwards. You have the control over who carries out the survey rather than some  surveyor known to be picky whilst you kick your heels for many weeks waiting for the sale survey to be done.

 

You also could if the insurers agree just have a hull survey done which will reveal less than a whole survey may do. 

 

I know many on here don't have surveys at the time of buying a boat but many people do. Those that dont can also offer a fair bit less than the asking price for a quick sale. 

 

 

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  • 4 weeks later...

 

On 11/01/2022 at 08:33, koukouvagia said:

  Now four years seems to be the norm.

This is my understanding too, it was five years for us previously. 

 

We have also had some extensions before now. Till our next scheduled drydock forinstance. Our surveys always make good reading, as we have always kept up on the painting etc well and been proactive in avoiding degradation of hull and plant. 

 

I believe most policies are now underwritten by the same people. Which is why various brokers all have very similar terms etc. 

 

Daniel

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In my experience, it used to be 'have a survey every six years'.  This allowed a bit of wriggle room within statute of limitations (7 years) and the surveyor's PI cover.  My boat was surveyed at 20, 26 and 32 years old with virtually no change reported.  Same insurers throughout, they now want another survey after only 5 years.  As we reblack every other year, going from 6 to 5 years is very inconvenient.  Since my boat reached its 20th birthday, it seems many insurers have pushed back the first date when a survey is required.   I believe that some insurers set different survey dates for different shell builders.  I, too, am aware of some leniency when a survey is booked but will happen after renewal.

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