A Prepurchase Survey is conducted when someone is contemplating buying a vessel. It is a very comprehensive “Condition and Valuation” (C&V) survey that often includes operational testing of all systems and equipment, as well as a sea trial. The vessel is typically inspected both in and out of the water. Its primary purpose is to provide potential buyers with the information that they need to make an informed purchase decision. It may also be used to satisfy the insurance company and bank loan requirements. Essentially, they want to know the vessel’s current market value and that it is a good risk.
The “condition and valuation” survey should not be confused with a “Pre-Purchase” survey. A pre-purchase survey is a much more in-depth survey that includes a sea-trial and more extensive testing of equipment, and related systems.
A Sea Trial is a critical and important part of evaluating a vessel, it’s performance and it’s systems. General vessel and engine performance, handling characteristics and in-service system operations will be assessed and reported on. Many aspects of performance can only be determined during operation and a sea-trial experience which allows for a comparative analysis.
Appraisal surveys are used for financing, estate and divorce settlements, and donation of vessels to charities. Professional marine surveyors are recognized by the IRS, courts, banks and insurance companies as boat and yacht appraisers within their area of expertise. They are also invaluable to individual boat owners.
The purpose of a Marine Damage Survey is to assess the extent of the damage sustained by the hull, rig, systems or elsewhere on the vessel. The report presents information on the probable causes of the damage, recommendations on repairs, and validates repair estimates for such work. While surveyors are typically hired by insurance companies to investigate claims, occasionally, a surveyor is hired by the boat owner directly to investigate out of the ordinary degradation or damage.
This investigation is conducted to determine the cause and estimation of damage. The cargo is inspected to determine the extent of damage to the container and its contents. This survey is completed for insurance and shipping companies.
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