Insurance Condition and Valuation Survey in Turkey: What Underwriters Look For

Many insurers ask for a condition and valuation survey before insuring an older yacht, when a policy is renewed after a certain age, after a claim, or when a boat changes hands. The insurance survey is different from a pre-purchase survey: it is written for the underwriter, focuses on risk, and gives an opinion on value. This guide explains what underwriters look for and how to prepare.

1. When is an insurance survey needed?

• When a yacht passes a certain age set by the insurer.
• When insuring with a new company, or after a change of ownership.
• After significant damage and repair.
• When the insured value needs to be reviewed.

Each insurer sets its own rules, including how old a report may be. Ask your broker or insurer before booking the survey.

2. What underwriters look for

An insurer wants to know whether the boat is likely to cause a claim. The survey focuses on:

• Water ingress risks: Through-hulls, seacocks, hoses and clamps; stern gland or saildrive seals; cockpit drains.
• Fire risks: Electrical installation, battery installation, gas system, engine room and fuel system.
• Structure: Hull, keel attachment, rudder and steering, deck and hull-deck joint.
• Rig: Age of the standing rigging and condition of fittings; many insurers set limits on rig age.
• Safety equipment: Fire extinguishers, bilge pumps, liferaft servicing, navigation lights.

3. Recommendations and their priority

An insurance report lists findings with priorities. Items affecting safety or likely to lead to a claim are usually expected to be fixed before cover starts or within a set time. Our findings are graded A (safety or urgent), B (to be done soon) and C (advisory), which maps easily onto what underwriters ask for.

4. The valuation

The valuation is an opinion of market value on the survey date. It considers the model and year, condition, equipment, recent refits and the current market for comparable boats. It is not a guarantee of a sale price, and markets move. Where there are few comparable sales, the report explains the basis of the opinion.

5. How to prepare the boat

• Make the boat accessible: lockers emptied where possible, engine room and bilges clean.
• Have documents ready: registration, previous surveys, service records, rigging invoices, liferaft certificate.
• Know the dates: rig replacement, last haul-out, saildrive seal replacement.
• Arrange a haul-out if the insurer requires the underwater hull to be inspected.

6. Afloat or ashore?

Some insurers accept an afloat survey for renewals; others want the hull inspected ashore. For moisture readings to be reliable, the boat should have been out of the water and dry for at least a week. If the survey is done on a short lift, the report explains the limits of the readings.

7. After the survey

Send the report to your insurer or broker. If recommendations need to be completed, keep invoices and photos of the work; the insurer may ask for confirmation. Our reports are delivered within 2–3 working days in English or Turkish.

See our insurance survey page for scope, and use the survey quote calculator for an estimate.

8. Common findings in insurance surveys

• Seacocks that are seized, of unsuitable material, or without a soft wood plug nearby.
• Hoses below the waterline with single clamps or signs of ageing.
• Batteries not secured, or electrical additions without proper protection.
• Gas systems without a properly vented locker or with old hoses.
• Standing rigging older than the insurer’s limit, or with no record of its age.
• Fire extinguishers out of service date.

Most of these are inexpensive to fix and make a real difference to safety.

9. Insurance survey versus pre-purchase survey

A pre-purchase survey is written for a buyer and goes into every area that affects value and future cost, including cosmetic and comfort items. An insurance survey is written for the underwriter and concentrates on risk: water ingress, fire, structure, rig and safety equipment. If you are buying and insuring at the same time, one survey can often serve both purposes, provided the scope and valuation meet the insurer’s requirements.

Frequently asked questions

Can I use my pre-purchase survey for insurance?

Often yes, if it is recent and includes a valuation; check with your insurer.

How long is an insurance survey valid?

Each insurer decides; many accept reports within a set number of years unless the boat has been damaged or modified.

Does the surveyor decide whether I get insurance?

No. The surveyor reports the condition and value; the underwriter decides on cover and terms.