No matter what you intend to use your boat for, it is wise to get boat insurance. Even though it is not mandatory, getting your watercraft insured will be investing in both your peace of mind and protecting your investment from catastrophic loss. Having stated that, let’s examine the question of, “How long does a boat survey last for insurance in Baltimore?”
You may already be aware that there is no conclusive response to this query. This is due to a large number of variables at play. A boat survey’s validity for insurance purposes will, among other things, depend on whom you ask. There are many different requirements that insurance firms have. While some may accept a marine survey report as old as five years, others will demand a fresh survey to be conducted. These are just some of the reasons why it is hard to give a precise response to the question of how long does a boat survey last for insurance. Nevertheless, a few things are universal.
Depending on the rules and policies of the insurance company, a boat insurance survey’s validity may change. Boat insurance surveys typically last between two and five years. However, this is not a given. As previously noted, some insurance companies could ask for a more current inspection. This is especially true for older boats or vessels with high-risk features. Commercial vessels, for instance, will need more frequent surveys before being insured. This is a result of their high-risk factors. Additionally, more regular surveys will be required for vessels that are operated by novice captains or those whose owners have made several claims in the past.
With this knowledge in mind, getting in touch with your insurer is the best course of action when looking for answers to the topic of how long is an insurance survey valid. You should get in touch with your insurance company to find out what is needed for the survey to be valid. If you don’t follow their guidelines, your insurance policy may be limited or you may be denied coverage.
It is also important to keep in mind that while an insurance-related boat inspection is normally a one-time requirement, subsequent surveys can be needed if significant alterations or repairs are made to the boat. This is more so if the alterations compromise the value or safety of the boat.
The above are the main explanations for why it is so challenging to provide a precise response to the subject of marine insurance survey validity. The best thing you can do is make sure to talk to your preferred insurance company to know if they will accept your current insurance survey.