Surveyors insurance assessment

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MurrayM

MurrayM

Guru
Joined
Jul 22, 2012
Messages
5,946
Location
Canada
Vessel Name
Badger
Vessel Make
30' Sundowner Tug
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?
 
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.
 
Thanks for chiming in, Peter. Would you consider an insurance assessment 33% higher than the purchase price a low, average, or high markup?
 
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.
 
Thanks...I think that helps put things into perspective :)
 
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