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Do you need a Marine Survey?
The purpose of a survey is to determine the
condition of a vessel's structure and equipment, and to approximate its
value. Most surveys are done for a specific purpose, such as
insurance, financing, pre purchase, or are needed as a result of a
loss from damage, theft, or accident. As a potential buyer or owner
the survey can assist you in determining whether the vessel is in a safe
and seaworthy condition. Barring special conditions such as
an accident a survey is often required every 4
to 5 years by insurance companies. The survey
requires approximately 3-8 hours depending on the size and complexity of
the vessel.
Available Surveys
(C&V) Condition and
Valuation Survey
C&V surveys are usually needed by insurance
companies and financial institutions to determine the value so that an
amount of insurance needed can be determined and or the amount of loan
which may be available. This inspection can also be used to determine
the fair market value of the vessel for Estate purposes or value for
a vessel which may be donated to a Charitable organization.
Pre Purchase Survey
A Pre purchase survey is a (C&V) survey with
a complete inspection of the hull, including the bottom and in most
cases should include a sea trial. This is the most complete survey and
is recommended when purchasing a used vessel. The overall condition of
the vessel, equipment, and engines will be assessed. This inspection
will also determine the fair market value and
condition of the vessel.
Damage Survey
A damage
survey is most often required by an insurance company after a loss has
been incurred due to an accident or other event.
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