What are the different surveys?
Pre-Purchase Surveys: This type of survey is used when you are buying a vessel and want to know the condition of the hull, seaworthiness, and all the systems aboard. We provide oil and coolant analysis to check the health of the engines and transmissions.
Insurance/Finance Surveys: The Condition and Value Survey (Insurance Underwriter’s or Finance Underwriter’s Survey) is conducted for the Insurance Company or Financial Institution to determine if the vessel is an acceptable risk and establish a “Fair Market Value”. These institutions are most interested in the structural integrity, safety, and value of the vessel.
Damage Surveys: Damage Surveys are performed to assess the extent of vessel damage, recommend repairs, estimate repair costs, and determine probable cause of the damage.
Appraisals: Appraisals are conducted to gather enough information to justify or determine the “Fair Market Value” of the vessel. Appraisals are generally required for financing, donations, estate settlements, and legal cases.