WHAT IS A MARINE
SURVEY?
It is a critical examination or inspection of a
marine vessel for a specific purpose; the action of ascertaining facts
regarding conditions or the condition of something to provide exact information
especially to persons responsible or in fact interested; an examination
of a vessel or a part of its cargo or equipment to determine its condition,
responsibility for damage and disposition to be made.
WHAT IS A CONDITION AND VALUE SURVEY?
Sometimes called an insurance survey, appraisal,
or CVS, in its simplest terms, is a report on the current condition of
a vessel and its current value as judged by area, condition and equipage.
It assures the insurance company and financial institution that the vessel
meets USCG, NFPA & ABYC safety standards, that it is an acceptable
risk.
WHAT IS A PRE-PURCHASE SURVEY?
It is a complete inspection of the vessel to ascertain
its condition as to over all operational capability. The pre-purchase
survey report includes: operations of all equipment and systems while
the vessel is in water (electrical systems, navigation systems, propulsion
system, fuel system, all machinery and electronics), sea trial, an out of water inspection
of the running gear and a sounding of hull, complete inspection of the
whole interior structure where accessible, estimated local market value
based on condition and general maintenance, findings and recommendations.
For a small additional fee this survey may include
other services such as mast inspection above 6 feet (if applicable), oil
and engine analysis. The pre-purchase survey
report may also be utilized by the Client for insurance or financing purposes.
This report is issued in compliance with boating
safety standards set by the National Fire Prevention (NFPA), Association
and the American Boat and Yacht Council (ABYC), as well as The United
States Coast Guard safety requirements (USCG). These nonprofit
organizations are the benchmarks of a Professional Marine Surveyor.
WHAT IS AN APPRAISAL SURVEY?
This survey is performed to determine the fair market
value of the vessel. This is normally conducted for financing purposes,
estate settlements, donations and legal cases.
WHAT IS A DAMAGE
SURVEY?
This survey is performed to assess the extent of
damage, recommend repairs, estimate repair cost, and if requested, the
probable cause. It is normally requested by the insurance companies.
WHAT DOES IT MEAN TO YOU?
As a potential buyer, it assists you in determining
whether the vessel is structurally and operationally in safe condition,
whether it is in need of serious repair and in calculating it's value
for financing and insurance purposes. It can also help you negotiate a
more favorable purchase price. The most meaningful is Boating
Safety!
WHAT DOES IT MEAN TO THE FINANCIAL INSTITUTION?
Usually, vessels are financed up to a certain percentage
of their value (normally 80%). The remainder is your down payment. The
Marine Survey establishes the current value of your vessel for the financial
institution.
HOW OFTEN IS A SURVEY REQUIRED?
It depends on the insurance and/or lending institution,
the value of the vessel, special circumstances such as collisions and
other damage and its age. For safety considerations, a survey
is recommended every 2 years.
HOW MUCH DOES IT COST?
The fee for a Pre-Purchase or Condition and Value
Survey is based on the size of the vessel. This fee covers only the cost
of the basic survey. All other services such as; engine compression testing, spectrometric engine and transmission
fluid analysis, metal hull ultra sounding are also available
for an additional charge. Spectrometric oil analysis can
reveal any abnormal or unusual bearing and cylinder wear inside the engines.
The real question is how much your peace of mind
is worth, especially when considering your investment and the safety of
you and your crew or passengers. A Marine Survey is relatively inexpensive
when compared to the cost of a boat. The least expensive Marine
Survey, may NOT prevent a bad financial investment or an accident
waiting to happen.
I'M PURCHASING A NEW BOAT. IT SHOULDN'T
NEED TO BE SURVEYED, SHOULD IT?
Yes! A professional survey can in a large part determine
the care, craftsmanship, and quality of materials put into a vessel or
yacht and ensure that it is suitable for the owners intended use. Even
well known and supposedly reputable builders have been known to cut corners
where quality is concerned. This is not to mention inherent design flaws
that in some cases have been passed on to owners who have been left with
little recourse for remedy, and have had to sustain substantial losses
on their investment at resale time. This has even occurred in vessels
and yachts built to the most ridged standards of the American Bureau of
Shipping and Lloyds classification societies! Protect your
interests.. have it surveyed!
HOW LONG DOES IT TAKE?
The actual survey normally takes between 2-8 hours
depending on size of the vessel and it's equipage. We normally perform
the survey within 24 hours of initial order and can have the finished
report ready within 36 hours. Facsimile reports to lending institutions
and insurance companies are also available upon request.
CAN I BE PRESENT AT THE TIME OF THE SURVEY?
We encourage and welcome all our clients to be present
and will be happy to explain our procedures during and after the survey.
CAN MY INSURANCE COMPANY OR BANK REQUIRE ME TO USE A CERTAIN SURVEYOR OR A SURVEYOR WHO IS A MEMBER OF A CERTAIN ORGANIZATION?
NO. Your insurance underwriter or financial institution can NOT require you to use a certain surveyor or a surveyor who is a member of a particular organization. This is classified as a restriction in trade or blackballing. The decision to hire a particular surveyor is yours and yours alone. If you’re paying for the survey then it’s your choice. Certain organizations keep a “VANITY” list of approved surveyors in which the surveyor has paid to be included on the list. You should be aware that inclusion on this list does not guarantee the surveyors qualifications. A plaque on the wall and an a OK from an insurance company or bank is no way to choose someone that is going to advise you on a large decision. Also, you should be suspicious of anyone who insists you use a surveyor who is a member of a certain organization. This action not only reeks of a conflict of interest but in most states forcing you to use recommended or "ONLY" surveyors is illegal! Remember, the decision to hire a particular surveyor is yours and yours alone.
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