Types of Marine Surveys
This is the most comprehensive type of inspection, and is strongly advised when purchasing a new or used vessel. Condition and overall operation of the vessel will be examined. This covers structural integrity, electrical systems, the propulsion system, the fuel system, other machinery, navigation equipment, miscellaneous on-board systems, cosmetic appearance, electronics, and overall maintenance as well as an out-of-water inspection and a sea trial.
This inspection is performed so that the insurance company can determine whether or not the vessel is an acceptable risk and the overall Condition and Value. They are interested in structural integrity and safety for its intended use. Most insurance companies require a survey on older boats. They will also want to know the vessel’s fair market value.
The surveyor can be retained by an insurance company to determine the cause of a loss and determine the extent of loss related damage and may be asked to recommend repairs, review estimates, and determine the pre-loss value of a vessel. A vessel owner can retain a surveyor for the same purposes, but for the owner’s behalf. This type of survey is typically requested by the insurance company or owner of the vessel to determine the nature, cause and extent of damage after an accident that may include a collision, boat fire or storm damage. We will provide a written incident report, work for the insured and underwriter to recommend repairs, estimate and negotiate a fair repair cost and keep communication open between the repair yard, boat owner, third parties and insurance agent(s).
