A Pre Purchase survey is performed to inspect a vessel's general condition and most equipment and systems contained within, with an insurance and financial valuation, all for the purpose of information to the prospective buyer, so that a competent decision can be made on the purchase of the vessel.
A written survey report will be prepared after examination of the vessel. The survey report will include a comprehensive description of the vessel, its systems equipment and components, a statement of the fair market value and replacement value, recommendations of repairs for items necessary to reasonably ensure safety and the fitness of the vessel for its intended service and a list of deficient equipment and system on the vessel.
This is accomplished with a thorough visual inspection of all accessible areas of the vessel in order to assess the general operational status of all the system on the vessel. All installed equipment where accessible will be checked for proper operation. All systems where accessible will be checked for proper operation and compliance with ABYC, USCG, CFR, and NFPA regulatory parameters. This includes the apparent condition and safety of these parts and of installed equipment.
The following will be used as guidelines in conducting the survey, but complete compliance with such standards is not guaranteed. Inspection standards as promulgated by the United States Coast Guard (USCG), under the authority of Title 46 United States Code (USC); Title 33 and Title 46 Code of Federal Regulations (CFR), the voluntary standards and recommended practices developed by the American Boat and Yacht Council (ABYC), and the standards of the National Fire Protection Association (NFPA).
Condition and Valuation surveys are for insurance purposes only. Otherwise known as the C & V survey, it is much like the Pre-Purchase survey and are based upon the same regulatory guidelines as the Pre-Purchase survey. The difference in the C&V survey is it does not include a sea trial and may or may not include an out of the water inspection (as designated by the insurer). Also, some equipment not related to regulatory or safety requirements are not tried or tested.
A written survey report will be prepared after examination of the vessel. The survey report will include a comprehensive description of the vessel, its systems equipment and components, a statement of the fair market value and replacement value, recommendations of repairs for items necessary to reasonably ensure safety and the fitness of the vessel for its intended service. Note these Recommendations will need to be complied with to insurer the vessel.
Appraisal Surveys are particular to the financial or legal industries. These surveys are used by banks for loan issues, asset valuation and other financial issues. Appraisals for legal services include valuation for divorce, estate asset issues and other legal issues. Tax issue valuations are for vessels being donated to charitable organizations and is another use of the appraisal survey.
Our appraisals include an on vessel inspection to determine general condition of the vessel, its equipment and systems. The appraisal uses current USPAP standards to evaluate and value the asset. The appraisal is not a full inspection of the functionality of the vessel or its equipment and is not a survey to be used for insurance, purchase or suitability for service or safety of the vessel.
A written survey report will be prepared after examination of the vessel. The survey report will include a comprehensive description of the vessel, its systems equipment and components, a statement of the fair market value and without any recommendations of repairs or safety deficiencies. The appraisal report will also show the method of appraisal, cost/depreciation, sales comparison, etc. with accompanying back up material
Powerboat surveys require special attention to machinery and equipment along with the normal scope of survey inspection. Because of the environment most powerboats are operated in, a good structural inspection is important also. Compare a powerboat to a small city; it has its own electrical generating plant providing clean electrical power throughout the vessel as needed. It has its own water and sewerage treatment systems just like a city’s municipal department. The vessel treats its own waste water or stores it in a large tank for disposal later. It can store large amounts of fresh water or manufacturer fresh water from salt water and store this also. The fresh water system is self-contained with its own piping and pressure system to provide a steady flow of fresh water at each faucet. All of these systems are managed by the Captain /Owner just like a Mayor of a small city managing the upkeep and maintenance. These systems along with others are incorporated into an enclosed platform that can travel through the water at speeds in excess of 30 MPH. An amazing piece of engineering that requires special attention when surveyed for Pre-Purchase, Condition and Valuation or Appraisal.
The definition of a sailboat is " A craft intended to be propelled primarily by some type of wind driven sail apparatus regardless of size or type of vessel or sail" and there are many sizes and types. Gaff rig, Sloop rig, Cutter rig, Ketch, Yawl, and Brigantine only to name a few. Imagine the pressures and forces exerted by the opposition of a 600 square foot sail being pulled by a 10 knot wind and the resistance of a 4,500 pound keel moving through the water at 7 knots. Both exerting forces in different directions. A good sailboat survey keeps these forces in the forefront of all rigging and hull inspections. Attention to chainplate attachments, mast steps, and keel bolts are some of the many areas requiring special attention when surveying a sailing vessel. We take all of these factors into consideration while providing an in-depth report of these and all of the vessels systems.