FBTO, a Dutch insurer that's part of Achmea, asks for no survey to insure a boat. What a survey changes is the payout. Its policy terms set three ways of valuing a boat after a claim, and a valuation report from a surveyor is one of them.
How a claim is valued
| Situation | Total loss pays |
|---|---|
| Owned 3 years or less | Purchase value, shown with the original invoice or a bank statement |
| Owned more than 3 years, or boat over 8 years old | Day value, set by FBTO's expert |
| Valuation report (taxatierapport) no more than 3 years old | The valued amount |
In every case FBTO deducts the value of the remains, and never pays more than the sum insured on the policy. The boat is a total loss when repairs would cost more than two thirds of the value that applies.
Repairs are paid in full if they're done. If the owner doesn't repair, FBTO pays at most 70% of the agreed repair cost, without VAT.
Existing damage
FBTO takes old damage into account. If it paid for a repair that wasn't done, that payment comes off the new claim. If old damage was never claimed, 50% of its repair cost comes off. Technical faults, such as an engine problem, are deducted too.
What an expert report must contain
FBTO's terms list what goes in the expert report after a claim:
- the value before the damage, of the boat and engine, the tender and engine, and any hand or beach trolley
- the value after the damage, of the same items
- the cost of repairing the damage
- a description of the cause, with an exact account of how it happened
For the surveyor
A valuation report for an FBTO policy is worth something to the owner for three years, so date it clearly and give the value with the basis for it. Axsail has a valuation section with market value, replacement cost and comparables, frozen with the report when you finalise it.