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Old 09-29-2014, 10:54 PM   #1
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City: Kitimat, North Coast BC
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Surveyors insurance assessment

We recently had Badger surveyed for the insurance company.

What percentage increase would be considered the 'normal' markup above a boats current market value that a surveyor would apply for an insurance valuation?
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Old 09-29-2014, 11:31 PM   #2
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I don't think there is a "normal' valuation markup; I believe the bell curve baseline is an amalgamation of what like vessels are selling for. Factor in condition (crappy to bristol), regional differences (trawler in Florida, go-fast boat in the Pacific Northwest as examples), and special circumstances (repower, rewiring, complete repaint/rehab, etc) and your surveyor comes up with a figure.
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Old 09-29-2014, 11:49 PM   #3
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City: Kitimat, North Coast BC
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Thanks for chiming in, Peter. Would you consider an insurance assessment 33% higher than the purchase price a low, average, or high markup?
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Old 09-29-2014, 11:55 PM   #4
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It depends- was the boat a distress sale, and what was the base for the valuation? If your Sundowner has been significantly upgraded, received meticulous care and upkeep, and is a bristol/near bristol example relative to like vessels in your area- the the 33% could be totally justified.
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Old 09-30-2014, 12:00 AM   #5
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City: Kitimat, North Coast BC
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Vessel Name: Badger
Vessel Model: 30' Sundowner Tug
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Thanks...I think that helps put things into perspective
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