PRE-PURCHASE CONDITION AND VALUE (C&V)
This is the most comprehensive type of marine survey inspection, and is strongly advised when purchasing a new or used vessel. The vessel will be thoroughly examined with non-destructive or non-obtrusive methods following the standards promulgated by the USCG, ABYC, NFPA and other industry standards to determine the condition and overall operation of the vessel and if the vessel is fit for its intended use. This inspection includes such items as structural integrity, out of water inspection, electrical systems, propulsion system, fuel system, machinery, navigation, miscellaneous on-board systems, cosmetic appearance, electronics and overall maintenance. The vessel should be hauled out of the water so that the bottom, rudder, prop and other underwater machinery can be examined. The report includes narratives of all available systems, pictorial documentation, a list of findings and recommendations, and also a value for the vessel. The valuation of the vessel is based on the condition of the vessel as compared with accepted industry pricing guides as well as research of other comparable vessels. This survey is more extensive than an insurance survey, but it will satisfy both financial and insurance institutions.
INSURANCE AND REFINANCE
This inspection is performed so that the insurance or financial institution can determine whether or not the vessel is an acceptable risk. They are interested in structural integrity, safety and if it is fit for its intended use. Most insurance companies require a survey on older boats. They will also want to know the vessel's fair market value. Not all insurance companies will accept this type of abbreviated survey, so check with your underwriter before requesting this type of survey. The main difference between an insurance and pre-purchase survey is that not all systems will be operated, such as electronics. Safety and structural issues will be the prime focus. The valuation of the vessel is based on accepted industry pricing guides as well as research of comparable vessels. The vessel is not normally hauled out of the water unless requested by the insurance company. The report is less detailed than a pre-purchase report, but will include a value and a list of recommendations.
This marine survey inspection is performed to gather enough information to justify or determine the fair market value of the vessel. This is normally needed for financing, estate settlements, donation, legal cases and to set the selling price.
This type of survey is performed to assess the extent of damage, recommend repairs, estimate repair cost, and if requested the probable cause of the damage. This type of survey requires careful attention to detail. Damage in one area can affect many unseen parts of the vessel. If you have damage to your vessel do not rely on judgment of an insurance adjuster or yard personnel alone. All parts of the repair must carefully be considered or you could find yourself in a position of cost over runs that the insurance company will not cover. Most insurance will reimburse you a set amount based on yard estimates. If the yard estimate is wrong, then the additional costs are out of pocket.
If you have a trailer for the vessel we can inspect it as well. Trailers have relatively simple systems but are often overlooked and neglected. Many trailers have extensive corrosion on the underside fasteners that never get noticed until it is too late. The trailer will be inspected for structural integrity and safety with focus on the electrical and brake systems. Also the fit to the vessel and the manor by which the vessel is "connected" to the trailer will be investigated. The trailer can be surveyed at the same time as the vessel or separately.