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Old 11-08-2011, 16:40   #1
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Reinsurance Survey, Australian East Coast

My insurance company tells me that its time to organize (I've got a year, so no rush) a survey of Boracay so that I can continue being insured.

Their policy is they want it done every 5 years. Nice to find out now.

I had a quick chat with my friendly local surveyor and found that 1) its going to cost the best part of a boat buck 2) He's giving an opinion on the condition of the boat to the insurance company and 3) Insurance companies have been tightening up in general, and they do vary in their requirements.

Now an opinion from a surveyor when I'm buying the boat is one thing. The surveyor is putting his credentials on the line, and my risk is his fee.

But an opinion from a surveyor for reinsurance leaves me a little more exposed. They have less incentive to give a glowing report and can be more inclined to come down on things that they think may come back and bite them later. Bottom line - could end up expensive.

Boracay is amateur built, so I could end up with a long list...

So, has anyone had experience with a reinsurance survey? What lessons can I learn?

Is there a recommendation for a surveyor, East Coast Australia? Anywhere between Sydney and Cairns.
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Old 12-09-2011, 23:45   #2
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Re: Reinsurance Survey, Australian East Coast

Quote:
Originally Posted by Boracay View Post
My insurance company tells me that its time to organize (I've got a year, so no rush) a survey of Boracay so that I can continue being insured.

Their policy is they want it done every 5 years. Nice to find out now.

I had a quick chat with my friendly local surveyor and found that 1) its going to cost the best part of a boat buck 2) He's giving an opinion on the condition of the boat to the insurance company and 3) Insurance companies have been tightening up in general, and they do vary in their requirements.

Now an opinion from a surveyor when I'm buying the boat is one thing. The surveyor is putting his credentials on the line, and my risk is his fee.

But an opinion from a surveyor for reinsurance leaves me a little more exposed. They have less incentive to give a glowing report and can be more inclined to come down on things that they think may come back and bite them later. Bottom line - could end up expensive.

Boracay is amateur built, so I could end up with a long list...

So, has anyone had experience with a reinsurance survey? What lessons can I learn?

Is there a recommendation for a surveyor, East Coast Australia? Anywhere between Sydney and Cairns.
I was looking at a 38 foot Prout at Sandringham YC in Melbourne.
That cost $500-00 to haul it out, and between 1500 and 2000 for the survey, From what I have heard, thats about the going rate here in Victoria.

But it could be more or less, hahahaha up and down the coast,

As for reinsurance, Just make sure you are there for the survey, They do want to ask questions about the boat,

Also I think, depends on whether you want to sail it across oceans or sit it in the Marina and not go any where in it.

Brian,
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Old 13-09-2011, 00:16   #3
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Re: Reinsurance Survey, Australian East Coast

I have used a guy by the name of Mark Humphrey's at Newport NSW.

He used to run a fairly large Shipwright Operation down on Pittwater and "retired" to become a surveyor.

Always been very straight with me and a decent bloke as well.
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Old 13-09-2011, 01:36   #4
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Re: Reinsurance Survey, Australian East Coast

Hi,
We moor at Pretty Beach at the entrance to Brisbane Water. Our yacht is self built steel 25 yrs old.
I used a surveyor who is based in Lemon Tree Passage. His business name is E Marine and his name is Mike. Mobile 0412202670.
He has a history of long distance sailing and I found him fair and reasonable. Will definitely use him again when the time comes.
I have no personal or business connection with him.
Regards,
Richard.
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Old 13-09-2011, 02:22   #5
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Re: Reinsurance Survey, Australian East Coast

Further some want a "broker valuation" & not structural survey as the policies are being reworded to show "market value". Also reinsurance on older that 20yr boats is becoming harder. Also the cost is going up every year while stating a no claim bonus!! I am tempted to look over seas.

Regards Bill Goodward
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