Many Insurance companies will ask for a Valuation so that an agreed value can be written in to an insurance policy. This will usually happen following a major refurbishment or repair of a vessel, or where a vessel has been imported from another country and the purchase price does not reflect the value in the mew marketplace.

Owners can also benefit from a periodic market valuation which will ensure that they are paying a correct premium. Insurers will charge a premium proportionate to a declared value at the inception of a policy. They will however only pay out what a subsequent survey will declare a vessel to be worth when a claim is made. Many yacht owners are ‘over insured’ paying far more in premiums than they need. Conversely some owners could be ‘under insured’ if their vessel is actually worth more than they are insuring it for. Insurance companies win both ways as they will always pay against the lower figure.

A yachts value is based on a likely sale price between a willing buyer and a willing seller on the open market. We are a contributing member of a marine trade database which records actual contract sale values of thousands of yachts every year. This database also records the original brokers details and notes to put the sale value into perspective. We make our assessment of a vessels condition and specification relative to the database records and our valuation statements are accepted by insurance company’s worldwide.