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 Marine Surveyor Prepares A Damage Survey Report!

Do you wish to acquire a second-hand boat? Well, buying a boat is not like buying a car or any other automobile. It requires thorough understanding of the activities needed to be fulfilled in the entire buying process. Similar to cars, boats and yachts are built under strict industry standards and by using authentic technologies. From a myriad of quality standards and controls, boats are manufactured by well-known companies worldwide. However, buying a new boat is a costly affair. Many people end up buying second-hand boat or yacht for fulfilling their desires to acquire a valuable asset.

Before buying your dream boat, you need to do a mandatory boat survey. This condition survey ensures that the boat is fit for use and reveals the extent of its damage. Not anyone can conduct this survey, you have to hire authorized and certified marine surveyor. These people are licensed professionals after acquiring in-depth knowledge about preparing a damage report carefully!

Why Retain A Professional Marine Surveyor?

Anyone can claim to be a surveyor, but only a few can call themselves a representative of a professional marine surveyor. Being working as an Accredited Marine Surveyor, it takes so many formalities and steps. You need to complete the necessary annual training seminars and technical training classes to become a qualified Accredited Marine Surveyor. Working as a Accredited Marine Surveyor, you can give an assured and dependable indication of a ship or vessel that other parties (owners, insurance professionals, buyers and financial institutions) will reply on. Modern day vessels are constructed with high-tech materials and need a professional Marine Surveyor with extensive training and experience on vessel construction.

Surveyors are important people that provide buyers with accurate information on the boat they wish to purchase or maintain. Boats being purchased with financing and insurance require a full marine survey on all vessels. Surveyors inspect the engines, hull, stringers, electronics and all mechanical equipment, interior, safety equipment, bilge, sea trials, engine oil analysis, valuations, recommendations, and provide a detailed report with pictures.

Pre-Purchase Marine Survey

A pre-purchase survey provides an in-depth, through evaluation of all the vessel’s systems. Depending on the type of inspection, the inspection includes operational testing of all equipment. The vessel should be taken out of the water for hull inspection. A sea trial is also highly recommended and is generally included in the cost of the survey when conditions permit and the sea trial is conducted on the same day as the inspection. Other inspections include rigging, machinery and electrical systems. Depending on the vessels to be inspected, specialists should be consulted when circumstances dictate such as with large diesel powered machinery and complicated electronic systems.

A Pre-purchase Survey report is designed to assist you in post survey negotiations, scheduling required repairs, completing routine and preventive maintenance as well as making decisions for upgrades in the near and distant future. This process of survey is a systematic, thorough, and operational evaluation of the entire vessel's structure, systems and equipment.

Pre purchase Survey

Nowadays, all boats need to get a pre-purchase survey. This is the most comprehensive inspection of a vessel. The purpose of the survey is to gather as much information about the condition of the vessel before purchase. The survey will consist of an inspection of the topsides, hull, cabin and interior that are normally accessible. A haul out and inspection of the bottom and underwater machinery. An examination of the visible structural supports of the vessel. A complete inspection of the electronics, fuel system, steering, electrical system, sanitation system and safety equipment to ascertain their operation. A rudimentary engine analysis is also performed to ascertain the operation of the engines. A sea trial can also be conducted to evaluate the overall performance of the vessel. An examination of all vessel documentation, hull numbers, and the history of service records when available. A current market valuation and replacement valuation of the vessel will also be given.

Types of Specialist Policies in Marine Insurance

Basically, there are several different types of insurance policies can be taken by a boat owner. Marine cargo insurance covers the entire goods that a boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. In addition, you can take several other general policies that cover the boat itself and its passengers, liability for damages to other moving vehicles and liability during an encounter with a non-moving object. These all different varieties come under the heading of a marine insurance policy.

A private ship owner who uses his large boat for pleasure cruising in a marina may wish to take out inland marine insurance, as well as specialty yacht insurance. A merchant ship sailing in politically unsure waters may find it necessary to take out cargo insurance as well as a specific war policy that protects the boat and goods in the event of unfriendly actions.

Marine Claims Procedure

It is quite important to be immediately informed of any event that may lead to a claim under your insurance. After getting the information, insurance companies look forward a claim form to you for completion as soon as they get the news of the incident. This should be returned to us, fully completed, as soon as possible.

When reporting a claim you will need to give complete information of the following:

• Name of the policy holder and the policy number;
• The date of the incident that is giving rise to the claim;
• A complete detail of the incident;
• The details of the damage, loss or injury that has occurred;
• Where the vessel is currently located or moored; and
• Any other information we may reasonably request.

In addition, you will need to be ready with;

• To obtain estimates for repairing any damage; and/or
• To obtain quotations for the replacement of any items loss or destroyed.

Follow the procedure legally and get the information easily!