The Marine Survey is a written report providing the dimensions, gear, hull structure, equipment, propulsion machinery, and the basic lay-out and condition of the vessel. The physical and visual examination consists inspecting the hull, fittings, gear, machinery and equipment to ascertain all of these items are in serviceable condition. A marine survey also consists of inspecting fresh water lines, sinks, faucets, tanks(fuel, water, waste) fuel lines, thru-hull fittings, raw water hoses, batteries, electrical 12 - volt and 110-volt systems, air conditioning units and pumps, steering, vents, blowers, cabin windows, galley equipment, navigational equipment, lights and railing to make sure all are in good condition. Included in the survey is a list of "Recommendations" and any "Damage Observed" along with digital color photographs inside and out of the vessel. This information is then compiled to estimate a "condition" and "current market value".
It is always highly recommended that anyone who is purchasing a used boat have a survey performed on the vessel prior to ownership. Most banks require a Marine Survey to determine the condition, current market value and to have a written document from an outside source to help support the loan. Most insurance companies require a survey on a vessel anywhere from five to ten years old or older. Insurance companies want to know the condition and value of the vessel to ensure the vessel is not insured above or below market value.
Pre-Purchase Surveys are "condition and valuation surveys". A Pre-Purchase survey of a 30 to 40 foot boat will take approximately 4 to 5 hours to complete at the boat and several hours to prepare a report. Larger boats will take more time and smaller boats less. It is best the vessel is inspected both in and out of the water. Sea Trials usually takes about an hour depending on the location, conditions and performance of the vessel. The Sea Trial rates performance in areas such as handling, steering, acceleration, engine idling, gears & gear case shifting, engine cooling under load, and overall engine performance.
Pre-Purchase surveys are performed before or after a price has been negotiated for the vessel. If the price is under negotiation a "Pre-Purchase Survey" is often a useful tool. A "Pre-Purchase Survey" will include a Findings and Recommendations section where any deficiencies of the surveyed vessel is listed.
An "Insurance Survey" details the entire vessel and is very similar to a "Pre-Purchase Survey", only shorter. A great emphasis is placed on safety and value. The safety of the vessel occupants is of the most consideration when insuring any vessel. The second most important consideration is the value and condition of the vessel. A "Fair Market Value" of the vessel is always obtained in an "insurance survey". The price the surveyor places on the vessel is generally what the vessel will be insured for. When insurance companies are changed, a new survey is generally required. An insurance survey may also cost slightly less than a pre-purchase survey since a sea trial may not be needed. Most insurance surveys are requested by boat owners and not boat purchases. A boat owner usually knows what is wrong or what may need fixing. While a "Pre-Purchase Survey" will list every cosmetic defect or finding in detail whereas an "Insurance Survey" will not.
Financing Surveys are done specifically for the purpose of financing a boat. Financing a boat is just as involved as financing a house. A boat will qualify for a interest tax deduction just as your home (see your accountant for details). Finance companies are mostly concerned with the condition and the value of the boat that you are purchasing. Finance companies will require a survey report sometimes the day after the survey is performed. Their needs vary with the institutions and banks each finance company deals with. Often a finance company will have several banks that will make loans and each may require a copy of the survey report.
Boat Appraisals are not as extensive as "Pre-Purchase Surveys", "Insurance Surveys", or "Financing Surveys". An appraisal will consist of inspection of the vessel for obvious defects, or outstanding repairs. An appraisal establishes the overall condition of the vessel. Once the condition of the vessel is established a "Fair Market Value" is placed on that vessel. The Fair Market Price of a vessel will often vary, sometimes as much as 50% depending upon the condition of the vessel. Appraisal Surveys are often used when boats are donated. The "Appraisal Survey" is an important part of IRS documentation. Appraisal Surveys are also used in divorce settlements and estate settlements. Appraisals surveys are often requested prior to placement of a boat on the market. This survey will establish the approximate value of the vessel and will usually indicate at what price the vessel will sell. Many boat owners will consult a surveyor prior to selling a vessel in order to obtain the best selling price. Surveyors often have suggestions on selling a boat.
VEHICLE CARGO CONTAINER SURVEY
We perform 3rd party verification survey of automobiles, ATV's and motor cycle cargo packaged within Maersk Sealand dry containers. This survey will verify that the cargo has empty fuel tanks, batteries disconnected and wires insulated and cargo has been blocked and braced in a seaworthy manner.