DEXTTON
Maritime loss-adjusters, surveys and investigations


Specialists in the fields of SHIPPING and WATER SPORTS

Inspections and Valuations

Inspections

There is no such thing as a 'standard' pleasure craft. In no other branch of insurance is there such a great variety in construction methods, versions, equipment and motorization as characterizes the pleasure boat sector. The general lack of rules and regulations is partly due to this situation. A significant part of the Dutch pleasure fleet consists of amateur-built boats, and even a yard-built boat may constitute due to amateuristic conversions a completely different risk than it appears to be on paper.

Frequently, the owner also proves to know too little about the value or the technical details of his vessel. This means that the information stated on the application form may deviate from the truth. In the event of damage, this can lead to disappointments or even disputes because there was no clear picture of the insured object beforehand.

In many cases, therefore, it is advisable to have a risk that is presented for insurance inspected before final acceptance. Preliminary inspection is not only laudable from the point of view of prevention; it also assures the insurer and the insured party that the premium is proportionate to the risk.

It goes without saying that we, in addition to assessing the value, also make recommendations on safety and any identified technical faults. We are fully equipped to carry out this work, which is performed at a pre-agreed rate. This rate is the same for any inspection location within the Netherlands.

Valuation (Article 7:960 (7.17.2.24) BW of the Commercial Code)

In practice, the 'current market value' arrangement - in general use since the early 'eighties - has frequently been found to give rise to disputes in total loss cases, i.e. when the object is rendered (virtually) unrecognizable by damage or is missing entirely.

Particularly in the case of exclusive vessels in the higher price class, the applicant will want clarity in advance: especially when the object is accepted without preliminary inspection. For this category of vessels, periodic inspection (e.g. every 24 or 36 months) is also desirable during the lifetime of a policy.

A possible fringe benefit for the insurer is that he no longer has to bear the cost of a preliminary inspection; a '7:960 valuation' is normally carried out at the expense of the insured party.
The desire for regular valuation usually emanates from a target group that is interesting to insurers: the owners of more expensive and well maintained vessels. We provide these '7:960 valuations' for a fixed fee.