Insurance Risk Surveys: What to Expect and Why They Matter
Owning a yacht or boat is a significant investment, and protecting it with the right insurance is essential. But before insurers can provide cover, they need proof that your vessel is safe and seaworthy. That’s where an Insurance Risk Survey — also known as a Vessel Condition Report — comes in.
If you’re preparing to renew your policy, here’s what you need to know about these inspections, why they’re required, and how they benefit you as an owner.
What Is an Insurance Risk Survey?
An insurance risk survey is a professional inspection that provides insurers with an independent assessment of your vessel’s overall condition. At Peak Marine, this involves a detailed out-of-water inspection covering:
Hull & structural integrity – checking for damage, osmosis, and general wear.
Mechanical systems – steering, propulsion, and bilge systems assessed for reliability.
Electrical systems – batteries, wiring, and switchboards inspected for safety and compliance.
Safety equipment – lifejackets, fire extinguishers, navigation lights, and other gear checked against requirements.
Unlike a pre-purchase survey, insurance inspections do not include a sea trial. Instead, they focus on the vessel’s condition while slipped, making it an ideal time to pair with antifouling maintenance.
Why Do Insurers Require These Surveys?
Most insurance companies require a condition survey every five years (sometimes sooner for older vessels). This protects both the insurer and the owner by:
Confirming the vessel remains safe and seaworthy.
Reducing the risk of denied claims due to hidden defects.
Helping insurers calculate premiums accurately.
Identifying small maintenance issues before they become costly problems.
In short, it’s not just a box-ticking exercise — it’s a safeguard for your investment.
What to Expect From the Process
When you book a survey with Peak Marine, here’s what you can expect:
Inspection scheduling – usually aligned with your next haul-out for antifouling.
Thorough out-of-water assessment – hull, keel, rudder, fittings, and propellers inspected.
Onboard systems check – mechanical, electrical, and safety systems reviewed in detail.
Comprehensive report – clear findings with supporting photos, delivered in an insurer-friendly format.
Actionable recommendations – highlighting any urgent repairs as well as general maintenance notes.
Why Choose Peak Marine?
Choosing the right surveyor makes all the difference. With Tim Grant’s internationally recognised credentials — including membership in the International Institute of Marine Surveying (IIMS), the Australasian Institute of Marine Surveyors (AIMS), and AMSA Master qualifications — Peak Marine offers expertise you can trust.
Our reports are designed to be clear, independent, and accepted by leading insurers, making the renewal process smooth and stress-free.
Final Thoughts
An Insurance Risk Survey is more than a requirement — it’s an opportunity to safeguard your yacht and avoid future headaches. By scheduling regular inspections, you’ll not only satisfy your insurer but also gain valuable insight into your vessel’s condition.
Need an insurance survey?
Contact Peak Marine today to book your Insurance Risk Survey or Vessel Condition Report across the Sunshine Coast, Brisbane, or Gold Coast.