Condition And Valuation Surveys
Condition and Valuation Surveys are the most common of my services. They are conducted to provide my client (boat owner, boat buyer, insurance company or financial institution) with information on a vessels current condition and value. These surveys are often referred to as Pre Purchase or Insurance Surveys. The surveys are often conducted on one day and the reports are provided to the client within 24-48 hours.
The condition of the vessel is determined by examining and testing the various components of the boat for damage and deterioration. In addition, the components are compared to American Boat and Yacht Council (ABYC), Transport Canada and National Fire Prevention Association (NFPA) standards to ensure that the vessel is constructed and equipped as it should be.
Pre Survey Reports
Occasionally a purchaser will ask for a pre survey report to help decide if a potential purchase is worth pursuing. The report looks at key components of the vessel and is provided as verbal report only. Information obtained in a Pre Survey report can be incorporated into a Condition and Valuation Report if the purchaser decides to proceed with the purchase.
Damage And Claims Surveys
Sometimes I am engaged to assess damages to a boat in order to facilitate an insurance claim process. I can represent the insurance company by providing an unbiased and professional assessment of the damage, cause and cost of repair. I can also represent a boat owner in presenting a claim to his insurance company and representing the boat owner’s interests during the repair process.
Repair And Recovery Services
Sometimes I am engaged to supervise repairs or refurbishment of a boat or to assist in the recovery of a lost or stolen vessel. These services are contracted with boat owners or insurance companies when required.
Insurance companies normally require a marine survey of your vessel prior to providing insurance coverage. Generally the survey you get to help you with your purchase decisions is sufficient provided the company is satisfied with the qualifications of the surveyor and the quality of the survey.
Periodically when you own a boat your insurance company may require you to provide and updated survey. This is dependent on the insurance company and their policies.
Generally, the insurance company will request a survey at the time of the renewal of your policy. Because the survey will require the vessel to be out of the water, it’s best to have this survey conducted during the winter haul out period in order to reduce costs.
The insurance renewal survey itself is very similar to a Condition and Valuation -pre purchase survey. The insurance company is looking for an independent assessment of the condition and value of the boat. A re-insurance survey report should be similar to the pre-purchase report or possibly slightly condensed.
To many boat owners, the insurance survey represents and additional cost and extra work to arrange the survey. Consequently many will arrange the cheapest and easiest survey they can. However, this is an opportunity to have a professional second opinion on the condition and value of your boat that can help to focus the ongoing maintenance of the vessel and preserve its value.
The cost of a cheap survey compared to a quality survey may only be a few hundred dollars but the long-term savings of a problem corrected early will more than pay the difference. In my experience, I have rarely done a survey and not found something that the owner was unaware of or had overlooked.