What are the different types of small boat and Yacht surveys?
A pre-purchase marine survey is essential when buying a vessel to assess the condition of the hull, its seaworthiness, and the onboard systems. It is highly recommended to conduct an analysis of the engine, gear oil, and coolant to evaluate the health of the engines, transmissions, and cooling systems. This analysis is similar to a blood test for humans as it reveals abnormalities, such as varying levels of metals and chemicals in the samples. Additionally, it establishes a baseline for these levels when they are normal, enabling you to monitor any degradation in the engine, gear, or cooling system over time.
If the insurance company or financial institution is planning to insure a vessel, it will first need to conduct an insurance/finance marine survey. The survey is conducted to assess whether or not a vessel is an acceptable risk and to establish a “fair market value.” These institutions are most interested in the structural integrity, safety, and value of the vessel.
A marine damage survey is an important step in assessing and managing the damage a vessel may have sustained. It’s part of any marine or maritime claim, whether it’s an insurance claim or a liability case. Depending on the type of vessel and the kind of damages suffered, a surveyor might also be needed during the repairs, or after the work is done to confirm its successful completion.
An appraisal survey is an assessment of the “Fair Market Value” of a boat or yacht. This means it is not just a valuation of the vessel, but a reflection of what it’s actually worth, given its condition, location, and demand.
There are many kinds of marine surveys used when surveying a small boat or a yacht. You should always hire an accredited marine surveyor that is a member the Society of Accredited Marine Surveyors (SAMS) https://www.marinesurvey.org/. Most insurance underwriters will not accept a survey unless it is from an accredited association.
