From time to time vessel’s insurance company will require an inspection by a qualified surveyor to determine if the vessel is still an acceptable risk, based on the overall condition, on-board systems and structural integrity. The surveyor also reports the interior and the cosmetic condition of the vessel in order to establish a fair market price and replacement value
P&I Survey is performed so that the insurance company whether or not the vessel is an acceptable risk. The company is interested in structural integrity and safety for vessel’s intended use. P & I surveys can take many forms and can also fall under the description of cargo surveys, either from the point of view of loss prevention, or damage assessment. Surveys of this type can also relate to hull damages on a third party vessel, or may simply consist of the investigation of an accident.