Pre-Purchase –
Condition and Value
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 delamination 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.
NOTE: 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.
Insurance -
Condition and Value
The Insurance Condition & Value survey is for current
owners who have changed Insurance Companies or have been requested by
their Insurance Co 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. A sea trial is not
required and
the report is much less comprehensive than 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 type of survey
should not be misconstrued as being a thorough buyer’s pre-purchase
condition survey and is not intended to be assumed as such.
Yacht Appraisal
Inspection
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.
Damage Survey
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.
