American Modern Insurance Group, part of Munich Re, publishes its watercraft survey rules in its agent underwriting guide and a boat and yacht FAQ for agents. It has no age limit on the boats it insures. Age decides when it wants a survey.
When a survey is needed
On the First Choice program, an out of water condition and valuation survey is required for boats of 27 ft and over that are:
| Use | Age |
|---|---|
| Moored in salt or brackish water | Over 10 years |
| Moored in fresh water | Over 15 years |
| Top speed over 60 MPH | Over 10 years |
Pontoon boats kept in fresh water are exempt. The yacht FAQ sets the same 10 and 15 year points, then a new out of water survey every five years. All antique units need one, and performance boats over 10 years need one wherever they navigate.
American Modern can also ask for a survey on any boat before binding, and on any boat with a lapse in cover.
How recent
No older than one year. The rules stretch that to 24 months when the boat is insured through the same agency, has been claim free since the last survey and has had routine bottom maintenance.
In the water or out
An in-water survey is accepted if the boat has had bottom maintenance in the past 24 months, shown with a work order or diver's report. A boat of 10 years or older taking liability cover only can also be surveyed in the water. The FAQ calls out of water the preferred method, and says an in-water survey may need a sea trial or bottom inspection as well.
Who can survey
Surveyors from NAMS (National Association of Marine Surveyors) or SAMS (Society of Accredited Marine Surveyors) are preferred.
Recommendations
If underwriting has concerns after reading a survey, it may ask for every item to be repaired before binding the policy, and the owner signs a Survey Letter of Compliance to say they're done.
For the surveyor
The Letter of Compliance means each recommendation gets checked off, one by one. Write them as separate, specific items with a location each. Axsail does that from your dictation, one finding per defect, with its recommendation and grade.