Captain Craig Puthoff, A.M.S. #827
305-975-1665 Cellular 954-523-9233 Fax
What is a Marine Survey? Why do I need one?
A marine survey is recommended to buyers of pre-owned yachts as a way
to tell the general condition, maintenance, upkeep and value of a
prospective boat purchase. Also, a marine survey is typically required by
lending institutions and insurance companies for loan approval and
underwriting considerations. The buyer would want to know that his
purchase offer is in line with the true value of the vessel. Additionally, the
buyer wants to know what requires immediate attention prior to the
purchase. Marine surveys have four basic types.
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This is the most widely used survey. It is a comprehensive overall inspection
and evaluation of the vessel which takes from 6-8 hours on a medium sized
yacht. There is an additional 6-8 hours for preparation of the survey report.
Condition and overall operation of the vessel will be focused on safety,
structural integrity, fuel systems, electrical systems, propulsion, electronic
equipment, plumbing systems, cosmetics and overall maintenance. The
out-of-the-water portion of the survey includes non-destructive testing of the
hull laminate below the waterline for hull blistering and water penetration.
Also, the rudders, shafts, struts and all running gear is examined. A sea trail
is performed during this survey to assess the performance of the vessel,
check systems and make notes while underway. This survey is done
routinely at the request of the purchaser for loan and insurance purposes.
Often, a vessel may not be purchased without a survey being a part of the
contract. Lenders and insurance companies require a C&V survey as a
condition of loan approval and insurance placement on the vessel. Finally,
the survey should provide the new owner with a measure of "peace of mind"
that they have made a good purchase.
Insurance Survey
Often requested as a condition of renewal of a policy, this survey determines
the current value of the boat and assesses its safety or liability potential.
Areas of concern are the safety of captain & crew plus the potential for loss,
damage or liability. Some companies may accept a survey made
"in-the-water" which reduces the cost by the expense of the haul out. As
such, this precludes inspection of the bottom and running gear.
Appraisal/Donation Survey
Requested by individuals and lending institutions to establish a "fair market
value" on the vessel, the appraisal survey is the least comprehensive.
Additionally, it is used when an individual is considering donation of the boat
to a qualifed 501 (c) (3) charitable organization in exchange for a tax
deduction. The focus of the appraisal survey is to establish a price which a
willing buyer might pay for the boat under typical market conditions.
Damage Survey
This survey is performed to assess the extent of damage, recommended
repairs, estimated cost of repairs and, if requested, possible causes of the
loss. An insurance company may request the damage survey to determine
the amount of money to be paid to their insured for the loss. Should repairs
be authorized, they may request that the surveyor "follow up" with the repair
facility to be sure the damages are repaired correctly and within the estimate.
To treat my clients with fairness, and to look impartially on all situations in the conduct of the survey. To foster a professional business
relationship within the South Florida boating community. To remember that my mission is to serve the boating public, protect all parties
by my actions and do so with the utmost of integrity.