How to Choose a Marine Insurance Surveyor

Choosing the right surveyor is key to getting a good marine insurance survey, one that will satisfy your insurer's or lender's requirements. This is not always a straightforward decision, because there are no formal qualifications or licensing requirements that must be fulfilled for anyone to call himself a marine insurance surveyor. Here are a few tips that will help you narrow down your choice of candidates.

Difficulty: Moderately Easy

Instructions

1. Choose a surveyor who is a member of an accrediting organization. Although there is no industry oversight, a number of accrediting organizations offer designations denoting that a member has met strict technical, professional and ethical standards. Two such organizations are the National Association of Marine Surveyors (NAMS) and the Society of Accredited Marine Surveyors, Inc. By choosing one of these members, you at least know that you will be dealing with a vetted professional.

2. Select a surveyor who specializes in providing surveys for your particular type of craft. A Yacht and Small-Craft Surveyor, for example, specializes in surveying vessels that are up to 300 feet in length.

3. Ask the surveyor to provide some validation of her expertise, qualifications and work experience. Request, review and verify the surveyor's resume. The surveyor should also be able to provide you with actual references from previous clients.

4. Choose the surveyor, not the company. A marine survey business may have a number of associates or employees. Make sure that the person who will do the actual survey is the one whose credentials are on the letterhead or advertisement.

5. Request and evaluate a sample of a professionally prepared report from a survey conducted on a similar boat. This is important because if your surveyor provides you with a report on your boat that lacks detail and clarity, an underwriter may decline it, requiring you to go out and get another survey. The surveyor can black-out any personal client information or boat specifics in the sample provided to you.

6. Find out if the surveyor has any professional liability insurance--also called Errors & Omissions (E&O) insurance. If there is any mistake or negligence, you will be able to seek remedy beyond the survey company's assets, which may be limited.

Tips & Warnings

• If your survey is for insurance purposes, keep in mind that if the survey is conducted by a surveyor who is directly associated with a marina or boatyard, the insurer will typically reject it. This is due to the possibility of a conflict of interest.