This is the most comprehensive type of survey and is required by most all financial institutes before financing a vessel. This survey not only protects the financial institute, but it also protects the purchaser. Pre-purchase surveys includes the structural integrity of the vessel's hull, decks and superstructure and the vessel's systems which include the propulsion system, electrical systems, fuel system, electronic navigation and communication systems. The survey will also include a full detailed report with a list of findings and recommendations.
The Condition and Valuation survey or Insurance Survey is performed so that the insurance underwriter can determine whether or not the vessel is an acceptable risk. The carrier is most interested in the vessel's structural integrity and the safety of vessel for intended use. Depending on the insurance underwriter the Condition and Valuation Survey may be conducted either in or out of the water. The majority of marine underwriters require a marine survey once every three years and when a vessel has reached 10 years of age.
This survey is performed to assess the extent of damage, recommended repairs and the estimated repair cost. The marine surveyor will secure estimate quotes from marine repair facilities and recommendations and repair specifications are determined. Cause and claim loss are utilized to assist the insurance underwriter in deciding appropriate compensation payment. The marine surveyor acts as a representative for the insurance underwriter.
This survey is performed to gather enough information to justify or determine the Fair Market Value of the vessel that is normally needed for estate settlements, donations, auctions and legal cases.
Please contact me if you would like to consult with me regarding a repair specification, repair follow-up or supervision, or general consultation. Our team of surveyors are available to answer all of your questions regarding your vessel.