Types of Marine Surveys
As a boat purchaser, it is advisable to get an unbiased independent opinion before you commit to a decision. Our goal is to give you an overview of the vessel you intend to purchase. Comprehensive survey reports are the best tool to determine fair market value, safety, and overall operational condition of the vessel. A survey is an excellent avenue to gain familiarity with the boat that you are considering purchasing. We encourage the purchaser of the survey to accompany myself through the survey. Banks may request surveys for financing, insurers for underwriting and damage assessment.
Pre-purchase survey: This is generally done on haul out or on a trailer. It is a thorough stem to stern examination of all accessible parts of the boat. A complete list of all components, electronics and safety equipment is compiled. The guidance for this is determined by American Boating and Yachting Council( ABYC). We will determine whether or not this vessel meets DOT (Department of Transport) standards, Transport Canada, National Fire Prevention Association (NFPA) and Canadian Coast Guard standards, (CCG).
Insurance survey: This is generally requested by an insurance company before the insurer will bind your policy. It is advised to have a survey performed in advance of your insurance deadline because the insurer may request all deficiencies to be repaired before they will bind the policy. The insurer can request an in water or out of water survey. A valuation will be determined along with all applicable safety standards.
Appraisal Survey: It is done to determine fair market value of the vessel. Reasons for a survey are: loans, legal claims, estate settlements, or charitable donations.
Fees can be settled with MasterCard, Visa, Interact E Transfer, or Cash, before survey can begin.