An insurance survey report often serves as a “rubber stamp” for boat insurance renewals. Its objective is to assess a vessel’s insurability. As a result, it is not as thorough as a pre-purchase survey. It only sheds light on the condition of the boat so as to help the insurer determine if it is an acceptable risk. As for the question of how long does a boat survey last for insurance in Jacksonville, the answer is between 3 and 5 years. This means that as long as the survey report is less than five years old, many insurance companies will not require you to provide a new report. All in all, this is not always the case.
A boat survey report’s main function is to inform the insurer about the precise state of the boat at the time of insuring it as well as its fair market value. Although it is simple to assume that a survey report would be valid for five years, there are several things that can change this. Consequently, an insurer is an ideal person to respond to the inquiry about how long does a boat survey last for insurance.
If you have made significant improvements or upgrades to your vessel, you will definitely need to update the insurance survey report. This is due to the fact that an insurance survey should disclose the precise state of a boat. If you changed up the layout, improved the systems, and made other changes to the vessel, you will be compelled to give a fresh survey report even if the old report is only a couple of months old.
The frequency of survey report updates will also depend on the type of boat you possess. For instance, you will be required to update the survey report more frequently if you own a wooden boat. A fresh insurance survey is typically required for owners of wooden vessels every two to three years.
How the vessel is utilized will also have an impact on how frequently the survey report needs to be updated. For example, commercial vessels need to be inspected more often. The same is true for vessels that routinely navigate choppy waters or carry large cargo.
As you can see, there are a variety of factors that determine how long an insurance survey report is valid. It is always a good idea to get in touch with your insurer and inquire about how frequently you will need to update your insurance survey report.