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Old 21 January 2014, 06:27   #1
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Rib Valuation

Hi, a newbie so treat me gently. My insurance company has asked for a valuation on my rib from a professional source (their words). I have no idea how to go about it and I am reluctant to phone my local marina as they charge an arm and a leg for a cup of coffee. I am located in Medway (Kent) and any suggestions would be gratefully received. Regards Jim
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Old 21 January 2014, 06:52   #2
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Put some pictures and details up on here. This place is full of experts.
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Old 21 January 2014, 06:52   #3
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PS and a very warm welcome.
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Old 21 January 2014, 07:06   #4
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This is a fairly new thing insurance companies are requesting and can prove difficult to get. By rights anybody valuing a boat needs to have the correct indemnity insurance policy in place to cover them of any mistakes in a shortfall.
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Old 21 January 2014, 07:11   #5
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Generally you will need a letter from a qualified marine surveyor. Who will charge for the privilege. Letter on company headed paper.
Another option is a letter of valuation from a dealer, again company headed paper required.
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Old 21 January 2014, 09:39   #6
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Seems a bit onerous for a rib! Save your surveyor money and try another insurer for cover. (Assuming you have a fairly standard boat and are being realistic with the values).

Don't forget to check exactly what is covered and what may be excluded.
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Old 21 January 2014, 10:54   #7
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Onerous indeed. Unless, of course, you're being optimistic with your own valuation?

I went to my insurance company to increase the insured value of my little SR5.4 based on the time and materials I'd spent on it over the past couple of months.

Because I wanted to increase the insured sum by a tad more than 15%, they wanted a Marine Surveyor's written valuation.

I'm lucky enough to know one who did it for a 'drink' and the premium went up just a couple of quid. Waste of time all round really!
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Old 21 January 2014, 12:09   #8
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Go to an insurance company that offers agreed value policies. That way you know exactly how much you are covered for. Porthcawl insurance only asked me to stipulate what portions of the insured pot would go where. ie 15000 for hull and equipement, 5000 engine, 2000 trailer etc etc.
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Old 22 January 2014, 06:13   #9
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Is it really that complicated? We have had this numerous times with customers on our Dry Stack and an e-mail from our brokerage giving an opinion of valuation has always sufficed.

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