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 the potential buyers with the information that they need to make an informed purchase decision. It may also be used to satisfy insurance company and bank loan requirements. Essentially, they want to know the vessel’s current market value and that it is a good risk.
May also be performed for insurance companies, vessel owners and other vested entities. This includes determining the nature, cause and extent of damage to a vessel when something goes wrong. They work closely with tow boat and salvage operators when the need arises, and often work with repair shops and boatyards to determine the cost of repairs.
limited condition & valuation survey
Often done specifically for insurance purposes. An insurance C&V survey may be done with the vessel either afloat or ashore, depending on the insurance carrier’s requirements, and doesn’t necessarily require a sea trial or operational testing of all equipment and systems. Each insurance company has their own set of requirements as to what age/size vessel needs a survey, and what the survey report should include. This is especially true for vessels made from anything other than fiberglass (wood, steel, aluminum). The information contained in an insurance C&V survey report is not sufficient to make an informed decision regarding the purchase of the vessel.
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.