A marine insurance is all about evaluating the boat or the vessel after a particular period of time. There are several types of surveys but for the buyer, the Pre-Purchase Survey is the one you will want. It will be the most comprehensive type of inspection, and is usually requested by lenders and insurance companies when purchasing a used vessel. Condition and overall operation of the vessel will be examined. The value of the yacht will also be estimated by the surveyor.
A thorough inspection will not be rushed and will depend on the type of survey required based on vessel size, equipment and on-board systems. There may be additional services available such as engine surveys, oil analysis, galvanic and stray current corrosion testing, ultrasonic testing, moisture testing and other non-destructive tests. There may be additional charges for these and other services. Well conducted surveys can provide good information on the vessels' condition, but they are not guarantees.
Tuesday, October 5, 2010
Monday, October 4, 2010
Do I Really Need a Marine Survey?
A marine survey, in its easiest form, is an appraisal similar to that performed on real estate or other items. The survey normally provides a complete report on the subject vessel, and references complete identification of the boat (including year, make, model, hull identification numbers, engine information and so on). The report also gives detailed information about the vessel including description of the superstructure, fittings and equipment, electronics and safety equipment, galley (if applicable), engines, electrical system, firefighting equipment, and fuel systems.
If you are intending to invest several thousand of your hard-earned dollars in purchasing a boat, a marine survey may be the least expensive and most valuable tool you have to assist you in that purchase. A boat operator who knows the condition of his vessel is better prepared to handle adversity than one who isn't. The marine surveyor you hire to inspect the boat should have the knowledge and expertise to determine if it has been properly maintained and in safe condition.
If you are intending to invest several thousand of your hard-earned dollars in purchasing a boat, a marine survey may be the least expensive and most valuable tool you have to assist you in that purchase. A boat operator who knows the condition of his vessel is better prepared to handle adversity than one who isn't. The marine surveyor you hire to inspect the boat should have the knowledge and expertise to determine if it has been properly maintained and in safe condition.
Sunday, October 3, 2010
Marine Survey: Know the Importance
Why Do I need a marine survey?
If you are planning to make a huge payment in purchasing a boat, a marine survey is highly recommended to you. A thorough marine survey will help you to make an informed and better decision. It is also the least expensive and most valuable tool you have to assist you in that purchase. A boat operator who knows the condition of his vessel is better prepared to handle adversity than one who isn't. The marine surveyor you hire to inspect the boat should have the knowledge and expertise to determine if it has been properly maintained and in safe condition. A prudent buyer should make his final acceptance of the boat subject to the findings of a marine surveyor.
Why it is necessary to have a vessel surveyed?
Whether you are buying a brand new vessel or buying a second-hand boat, insurance companies and banks will require them on older vessels. They will need to know her condition and fair market value in order to finance and/or underwrite the vessel.
If you are planning to make a huge payment in purchasing a boat, a marine survey is highly recommended to you. A thorough marine survey will help you to make an informed and better decision. It is also the least expensive and most valuable tool you have to assist you in that purchase. A boat operator who knows the condition of his vessel is better prepared to handle adversity than one who isn't. The marine surveyor you hire to inspect the boat should have the knowledge and expertise to determine if it has been properly maintained and in safe condition. A prudent buyer should make his final acceptance of the boat subject to the findings of a marine surveyor.
Why it is necessary to have a vessel surveyed?
Whether you are buying a brand new vessel or buying a second-hand boat, insurance companies and banks will require them on older vessels. They will need to know her condition and fair market value in order to finance and/or underwrite the vessel.
Friday, October 1, 2010
Insurance Survey
Boat surveying is an essential process just to determine the real worth of a boat. While surveying a boat, a qualified and experienced professional prepares so many reports just to ensure the exact worth of a boat in real time.
This type of survey is carried out to enable an insurance company or underwriter to be able to assess if a vessel is an acceptable risk that they are prepared to underwrite. They will not usually require this for a boat of recent construction that comes from a recognized manufacturer. They would certainly require it for older boats and indeed for a brand new boat that was self built or constructed by a relatively unknown boat builder.
Also, older vessels or boats require regular survey at least for consecutive every 5 years just to ensure that the vessel is still a viable proposition.
Hire a qualified surveyor and get a useful insurance survey for your new boat.
This type of survey is carried out to enable an insurance company or underwriter to be able to assess if a vessel is an acceptable risk that they are prepared to underwrite. They will not usually require this for a boat of recent construction that comes from a recognized manufacturer. They would certainly require it for older boats and indeed for a brand new boat that was self built or constructed by a relatively unknown boat builder.
Also, older vessels or boats require regular survey at least for consecutive every 5 years just to ensure that the vessel is still a viable proposition.
Hire a qualified surveyor and get a useful insurance survey for your new boat.
Thursday, September 30, 2010
Valuation or Appraisal Survey
It is a common fact that for acquiring a second hand boat or buying a new brand yacht, you may have to undergo a complete boat survey. The survey highlights the current status of the boat and lists its actual price after considering all the prominent factors such as duration of use, purpose of buying, addition or constructions, date of manufacturing, capacity etc. If you are a resident of the United States, boat surveying is a must process for you before selling or buying any boat or yacht.
A survey actually records all the paper work is required to justify a fair market value of the boat in the international market. Also, the survey finds out if the price of the boat has gone down below economic repair. Many of insurance related matters require a complete survey of the asset in order to determine the exact premium on a yearly basis.
The valuation report could be required for obtaining a marine mortgage, a divorce settlement, inheritance and estate considerations for deceased estates.
A survey actually records all the paper work is required to justify a fair market value of the boat in the international market. Also, the survey finds out if the price of the boat has gone down below economic repair. Many of insurance related matters require a complete survey of the asset in order to determine the exact premium on a yearly basis.
The valuation report could be required for obtaining a marine mortgage, a divorce settlement, inheritance and estate considerations for deceased estates.
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