A Pre-Purchase Survey is conducted when someone is contemplating the purchase of a vessel. This survey is a detailed report that includes operational testing of all electrical and mechanical systems and equipment, as well as a sea trial. The vessel is typically inspected both in and out of the water. The express purpose for this comprehensive survey is to provide the potential buyers with the information that they need to make an informed purchase decision. Many insurance and financial institutions require pre-purchase surveys before closings.
A Limited Condition & Valuation marine survey is done specifically for insurance purposes. An insurance C&V survey may be performed with the vessel in water or out, depending on the insurance company'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.
Appraisal surveys are used for financing and varies settlement needs. Master marine surveyors are recognized by the IRS, courts, banks and insurance companies as boat and yacht appraisers within their area of expertise.
Damage Surveys are a basic assessment of vessel damage and may also be performed for insurance companies. This survey is requested to determine the nature, cause and extent of damage to the vessel. The surveyor will work closely with often work with repair partners and boatyards to determine the cost of repairs.