Before covering a risk, many Underwriters prefer to get the ship surveyed from us for condition and present market value of the vessel. This guards the Underwriters against covering bad risks and also against Under Insurance. Risk audits of vessel and engine room operations are carried out to gauge the extent of risk before insuring.
This type of condition valuation report is useful for Owners for the purpose of raising finance from banks. It also gives a true picture to the banks about the asset of the company.