Condition & Value surveys are for current owners changing insurance companies or required by their insurance company to have a current marine survey.
This inspection is necessary for insurance companies to determine whether the vessel is an acceptable risk. They are interested in the vessel’s structural integrity, safety and suitability for its intended use.
High-risk systems such as fuel, ventilation, exhaust, and steering are examples of required inspected areas.
Sea trials are generally not required. Our inspections adhere to US Coast Guard, ABS, and ABYC specifications.
Most companies require surveys on older boats. They require a vessels fair market value and replacement cost.
Check first with your insurance company’s exact requirements. This can greatly reduce the survey fee. Some companies require a haul out for inspection of the bottom and underwater machinery.
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 determine a vessels Fair Market Value.
This is generally required for financing, estate settlements, donations and legal cases.
Fair Market Value surveys factor in condition of on-board equipment, general maintenance, overall condition, and comparable selling prices give current economic conditions.
The purpose of On-Hire / Off-Hire Surveys is determining any damage, excluding normal wear and tear, which may have occurred between commencement and termination of a charter.
Our survey report includes 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 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.
With (25 years experience) we conduct several types of audits including, but not limited to, inspection and certification.
Our goal is to ensure your safety and help protect your initial investment.
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