Condition and Value Survey, sometimes
called an insurance survey or appraisal, a CVS, in its simplest terms,
is a report on the current condition of a vessel and its equipment, and
the current value of the vessel. A slightly less detailed report than
a Pre-Purchase Survey, it assures the insurance company or financial institution
that the vessel meets USCG, NFPA, & ABYC safety standards, and that
it is an acceptable risk. The insurance company is most interested
in the structural integrity and safety for the vessel's intended use,
whether it be for small lakes, local waters or offshore use.
Depending on the requirements of the underwriter
the condition and value survey may be conducted either in or out of
A majority of insurance companies require a marine survey once a vessel
has reached five years of age and usually every three years thereafter.
For safety considerations, we recommend that a condition
and value survey (CVS) be performed every two years.
The fee for this type of survey is based on the
size of the vessel. This charge covers only the cost of the basic
All other services such as; Spectrometric
engine and transmission fluid analysis, compression testing just to mention a few, are available at an
Pre-Purchase Survey 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
systems, navigation systems, propulsion system, fuel system, all machinery
and electronics, sea trial, an out of water inspection of the running gear
sounding of hull, complete inspection of the whole interior structure
where accessible, estimated local market value based on condition
general maintenance, findings and recommendations. The Pre-Purchase Survey report
may also be utilized by the Client for insurance or financing
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.
The fee for the Pre- Purchase Survey is based on the size of the vessel.
This charge covers only the cost of the basic survey. All other services
such as; Spectrometric engine and transmission fluid analysis,
compression testing among
other available services, are available at an additional charge.
The Damage Survey is
normally requested by the insurance company to assess the extent of loss
related damage, recommend repairs, estimate and obtain a cost of repair
agreement and determine the probable cause of damage. The fee for this type of survey is primarily based on the complexity of
the individual claim itself.
The Shipping/Cargo/Container Survey generally involves the verification and inspection of cargo for transport via ocean going vessels. A detailed report may included the quantity and condition of the cargo, the method of handling, loading, or stuffing, the techniques used for blocking, lashing and bracing, the type and location of hazardous materials, and a review of the bill of lading and other shipping documents.
Video Presentation is offered to save the prospective buyer the time and expense of visiting the vessel personally. A video of the entire boat will be converted to DVD or MPEG format and shipped or posted as directed. This method can be very useful in determining if further interest in a particular boat, yacht, or ship is warranted.
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Updated: September 3, 2014