Survey - Really?

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Survey - Really?

Postby rpccc43 » Tue Nov 28, 2017 12:56 pm

So.... my insurance carrier Chubb, has decided not to renew my "port" yacht policy unless I provide them with a recent survey on my 1965 43' Connie. One was done when I purchased it 9 years ago and before I started restoration. The boat was valued at $25k at the time when the market for wooden cruisers was just beginning to implode. Subsequently, I doubt the boat is worth more than that at this point even with all the restoration. The boat is stored in a steel shed at the marina, has no running gear, engines, fuel tanks or even batteries. If not at the boat in person working on it, there is no power source hooked up to her. A giant piece of furniture at this point.

I see no value and I don't know what value the insurance company would see, in doing a survey at a point where I am still 3 years away from splash down. That $800 for the survey would go a long way toward materials needed to keep thing moving and I know darn well they'll want another one before actual launch.

I'd be interested in know what others do to insure their boats while they are being restored. Long term, can insurance be purchased for a boat like this? I am reading in blogs that given it's age and hull material, the options are few and far between and probably disproportionate in cost as well. ~ Randman
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Re: Survey - Really?

Postby Captain Nemo » Tue Nov 28, 2017 6:09 pm

Try Hagerty, They have agreed hull value. I think they have provisions for a restoration in progress. I've been w/ them for years, but I've never had to make a claim. Knock on wood. Pun intended. They may require a survey also.
Boats are to be made of wood, otherwise, God would have grown fiberglass trees.
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Re: Survey - Really?

Postby Bilge Rat » Wed Nov 29, 2017 7:18 am

I second trying Hagerty. I use them for two boats; one in-water use and one which is under restoration. The agreed upon value is easy to amend as progress (and dollars) are added on the boat restoration. They write the policy for the restoration as non-water use. They never required a survey even for the 25 foot Lyman that I use in the water.
1966 Lyman Cruisette 25 foot "Serenity Now!"
1953 Chris Craft Sportsman 22 foot "Summerwind"
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