Boat Financing & Insurance: Why You Need a Certified Surveyor

Learn why most banks and insurance companies require boat surveys from SAMS- or NAMS-accredited marine surveyors. Discover how this protects your investment and ensures financing and insurance approval.

✅ What Is a Marine Survey?

A marine survey is a professional inspection of a boat to assess its structural integrity, safety systems, value, and overall condition. It's required for:

• Financing (pre-purchase survey)

• Insurance (insurance survey)

• Resale (appraisal survey)

Marine surveyors evaluate everything from the hull and engine to navigation electronics and safety equipment.

💡 Why Do I Need a Marine Survey?

You need a marine survey to:

• Secure financing from a bank or credit union

• Get boat insurance coverage

• Uncover hidden defects or safety issues

• Validate the vessel’s fair market value

Even if you’re paying in cash, a survey protects you from buying a boat with costly hidden problems.

🔍 Why Must the Surveyor Be Accredited?

Most lenders and insurers only accept surveys from accredited marine surveyors, such as:

• SAMS (Society of Accredited Marine Surveyors)

• NAMS (National Association of Marine Surveyors)

These surveyors follow strict professional guidelines, ethics, and continuing education. Their reports are more reliable, standardized, and legally defensible.

🏦 Banks and Credit Unions

If you're financing your boat, expect your lender to require a survey by a SAMS AMS or NAMS CMS. Without one, they may:

• Reject your loan application

• Delay the closing

• Request another survey at your expense

🛡️ Insurance Companies

Most insurance providers will:

• Decline to underwrite the vessel without a certified survey

• Limit or exclude coverage

• Charge higher premiums

• Deny future claims if undisclosed issues surface

⚠️ What Happens If You Use a Non-Accredited Surveyor?

Hiring a non-certified or underqualified surveyor can lead to serious problems: