GJW Direct, a trading name of Ripe Insurance Services, sells a yacht policy underwritten by Munich Re Syndicate. Its product information document sets the survey rule in one clause.
The rule
If the yacht is over 30 years old, you must have an out of water condition and valuation survey, carried out and completed within the last ten years by an independent qualified marine surveyor.
Boats under 26 ft and below the policy's value limit don't need a survey until they're 50 years old, under the same conditions.
Recommendations are part of the cover
The clause doesn't stop at having the survey. Every recommendation has to be carried out in the timescale the surveyor gave, and any ongoing recommendations have to be followed for as long as the policy runs. A recommendation left undone is a breach of the survey clause.
Other age-related terms
- Deductions on claims. Replacement outboards, sails, running rigging, covers and canopies are subject to a deduction depending on the item's age.
- Anodes. Galvanic corrosion and electrolysis aren't covered unless you can show enough anodes were fitted and inspected regularly, at least every 3 years.
For the surveyor
Because the owner has to complete each recommendation in its timescale, give every recommendation a clear deadline, such as before launch or within 12 months. Axsail grades each finding as you dictate it, so the owner and the insurer read the same priorities.