Also known as a Buyers Report or Full Condition Survey, a pre-purchase survey is a great choice for potential buyers to to learn the material condition of the perspective vessel purchase. Included in this survey is a report on the operation all of systems on board the vessel. A haul-out is highly recommended / requirement for a pre-purchase survey. Hull moisture tests, phenolic hammering, are used to determine the hull condition. A sea trial is highly recommended / requirement for a pre-purchase survey.
Elements of a Pre-purchase survey:
1) Haul out / docked hull survey
2) In water systems survey
3) Sea Trial
4) Comprehensive report delivered to perspective buyer
Items to remember: The surveyor works for you (the perspective buyer). He/she is your professional to understand the vessel and should work for you with a high standard of ethics. The surveyor should reference the Code of Federal Regulations (CFR), American Boat and Yacht Council (ABYC) voluntary standards, National Fire Protection Association (NFPA) code, and USCG Standards for all surveys.
Condition & Valuation
A condition and valuation survey (C&V) covers the hull and structures as well as the boat's systems. This type of thorough survey is usually required for insurance and financing. C&V surveys require the vessel to be hauled out or docked for the survey. Code of Federal Regulations (CFR), American Boat and Yacht Council (ABYC) voluntary standards, National Fire Protection Association (NFPA) code, and USCG Standards will be referenced all surveys.
Fair market value and insurance risk is stated in a C&V survey.
Items to remember: Often special or specific requirements are stated by the lender or insurer. It is important these requirements are given to the surveyor.
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The purpose of a Marine Damage Survey is to assess the extent of the damage sustained by the hull, rig, systems, or elsewhere on the vessel. This report presents information on the probable causes of the damage, recommendations on repairs, and estimates the costs for such work. Damage Surveys are hired by an insurance company or a vessel owner to investigate damage claims.
Damage surveys include information about damage resulting from:
Leaking Fuel Tanks
Fire / Arson