The Insurance Condition & Value survey is for current owners who have changed insurance companies or have been requested by their insurance company to obtain a current marine survey. This inspection is necessary for the insurance company to determine whether or not the vessel is an acceptable risk. They are interested in parts of the vessel related to structural integrity, safety and suitability for its intended use. High-risk systems related to fuel, ventilation, exhaust, and steering are some examples of inspected areas. Electronics are noted with serial no's if available but are not tested for insurance surveys.
A sea trial normally is not required and the report is very similar to the pre-purchase condition and value survey. Most insurance companies require a survey on older boats and will also want to know the vessels fair market value and replacement cost. You should check with your insurance company as many insurance companies will request a haul out to have the bottom and underwater machinery inspected. The haul out yard charges are separate and not a part of the survey fees.
This is the most comprehensive type of inspection and is strongly advised before agreeing to purchase any used vessel. Many Insurance companies will normally not provide Boat Insurance for used boats without a current marine survey. Many clients also request a Pre-Purchase Condition & Value survey when they want to sell their boat so they can find and correct any known problems before listing the vessel for sale.
The condition and overall operation of the entire vessel is thoroughly inspected including such items as structural integrity including the bottom and underwater machinery (if hauled), the superstructure, electrical systems, propulsion and fuel systems, steering, navigation and miscellaneous on-board systems like generators and air conditioning units, electronics, safety gear and interior portions accessed in a non-destructive manner. Moisture and/or de-lamination checks are made on the vessels hull, top deck and stringers.
The final report will reference compliance with United States Code of Federal Regulations, US Coast Guard, American Boat and Yacht Council and National Fire Protection Association standards. All recommendations are clearly defined. Fair market value, replacement cost and general remarks regarding the overall condition of the vessel are always included.
It should be noted that it is highly recommended that the vessel be hauled out for complete bottom and underwater machinery inspection. The haul out yard charges are separate and not a part of the survey fees.
A damage inspection is performed for an insurance company to assess the extent of damage to the vessel, recommend repairs, assess estimated repair costs and if requested, the probable cause.
An appraisal is an inspection to gather enough information to justify or determine the fair market value of the vessel. This is normally needed for financing, estate settlements, donations and legal cases. The equipment on board, general maintenance, overall condition, same vessel selling prices and the current economy are all considered when determining the fair market value.
On-Hire Surveys / Off-Hire Surveys of vessels or marine structures undertaken either before the vessel or structure is delivered into a charter, or redelivered from a charter. The survey report should include a detailed description of a vessel’s cargo spaces/deck areas structural condition, cargo space cleanliness, bunkers on board, listing of the vessel’s statutory certificates, portable securing equipment, etc.
When discrepancies differences arise in a bunker delivery operation, the experience of the Surveyor should be able to find the error, if any, or to give out the right figures for third party agreement.
The purpose of these On-Hire Surveys / Off-Hire Surveys is principally to determine the extent of damage, other than fair wear and tear, which may have occurred to the ship between two dates, usually those of the commencement and termination of charter. Whilst the determination of damage is the principle purpose of the two requisite reports, one being at the “on hire” survey and the other at the “off hire” survey, there are often three other requirements.
Our expertise allows us to conduct a number of types of audit, inspection and certification to ensure our customers’ safety and cost effectiveness is achieved and maintained.