Types of Marine Surveys:
Marine PrePurchase Surveys
- A Prepurchase Survey is conducted when someone is contemplating buying a vessel. It is a very comprehensive “Condition and Valuation” (C&V) survey that often includes operational testing of all systems and equipment, as well as a sea trial. The vessel is typically inspected both in and out of the water. Its primary purpose is to provide the potential buyers with the information that they need to make an informed purchase decision. It may also be used to satisfy insurance company and bank loan requirements. Essentially, they want to know the vessel’s current market value and that it is a good risk. From ABYC
Marine Insurance Surveys
- An Insurance Survey is a limited Condition & Valuation marine survey often done specifically for insurance purposes. An insurance C&V survey may be done with the vessel either afloat or ashore, depending on the insurance carrier’s requirements, and doesn’t necessarily require a sea trial or operational testing of all equipment and systems. Each insurance company has their own set of requirements as to what age/size vessel needs a survey, and what the survey report should include. This is especially true for vessels made from anything other than fiberglass (wood, steel, aluminum). The information contained in an insurance C&V survey report is not sufficient to make an informed decision regarding the purchase of the vessel. From ABYC.
Marine Appraisal Survey
- A marine surveyor also conducts appraisals which is a less complicated and less in depth marine survey usually performed to determine the fair market value of your vessel before you sell or donate it.