Marine Surveys are commonplace in the realm of boat ownership. They are a valuable tool in determining the Condition and Valuation of a desired vessel prior to purchase. Insurance Companies require a vessel Survey every three to five years in order to be sure of their risk and to accurately assess the value of insurance. Marine Surveys are also a valuable tool for the vessel owner in investigating potential problems and upcoming maintenance plus keeping a tab on the current value of the vessel. The Marine Survey Industry has three major organizations that are recognized world wide and among all insurance companies. Although recently there has been a strong lobby by one of the organizations that is petitioning the Insurance Companies to issue letters to their clients asking they only use this organization and providing contact information as if they are required to.. This is actually illegal and the policy owner should understand he is free to choose the surveyor of his choice irregardless of that surveyors affiliation and not required to use what the Insurance company is petitioning! See the attached letter from the American Institute of Marine Underwriters.
