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Not all things are visible to the naked eye. Professional Marine Surveyors have the latest technology to diagnose problems as well as protect from any future problems that might be occuring.
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PRE-PURCHASE SURVEY
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Pre-Purchase Surveys are "condition and valuation surveys". A purchase survey of a 25 to 30 foot boat will take approximately 4 to 5 hours to complete at the boat and several hours to prepare a report. Larger boats will take more time and smaller boats less. It is best the the vessel is inspected both in and out of the water. In water usually takes about an hour depending on the location, conditions and performance of the vessel. It is rated in performance area such as handling, steering, accelerations, engine idling, gears & gear case shifting, engine cooling under load, and overall engine performance.
Pre-Purchase surveys are performed before or after a price has been negotiated for the vessel. If the price is under negotiation a "Pre-Purchase survey" is often a useful tool. A "Purchase Survey" will include a Findings and Recommendations section where any deficiencies of the surveyed vessel is listed.
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INSURANCE SURVEY
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Insurance surveys are done for people who need insurance on any watercraft. Everyone needs insurance on their motor boat, jet ski, sailboat, houseboat, speedboat, performance boat, fishing boat, row boat or other vessel.
An "insurance survey" details the entire vessel it is essentially a "Condition and Valuations Survey" only shorter. A great emphasis is placed on safety during any survey done for insurance. The safety of the vessel occupants is of the most consideration when insuring any vessel. The second most important consideration is the seaworthiness and condition of the vessel.
A "Fair Market Value" price of the vessel is always obtained in an "insurance survey". The price the surveyor places on the vessel is generally what the vessel is insured for.
Insurance surveys are done when a purchaser buys a boat and also usually every 5 years. When insurance companies are changed a survey is usually required. The cost to update a survey generally less than an original survey and will depend on the vessel.
An insurance survey may also cost less than a purchase survey since a sea trial may not be needed. Since many insurance surveys are requested by boat owners and not boat purchases. A boat owner usually knows what is wrong or what may need fixing. While a "Pre-Purchase Survey" will list every defect or finding in detail an insurance survey will not.
Insurance surveys are very comprehensive and generally consist of about 15 or more typewritten pages.
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FINANCING SURVEY
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Financing Surveys are done specifically for the purpose of financing a boat. Financing a boat is just as involved as financing a house. A boat will qualify for a interest tax deduction just as your home (see your accountant for details). Finance companies are mostly concerned with the condition and the value of the boat that you are purchasing.
Finance companies will require a survey report sometimes the day after the survey is performed. Their needs vary with the institutions and banks each finance company deals with. Often a finance company will have several banks that will make loans and each may require a copy of the survey report.
Finance surveys are very comprehensive and generally consist of about 15 or more typewritten pages.
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BOAT APPRAISAL
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Boat appraisals are not as extensive as purchase surveys, insurance surveys, or financing surveys. An appraisal will consist of inspection of the vessel for obvious defects, or outstanding repairs. An appraisal establishes the condition of the vessel. Once the condition of the vessel is established a Fair Market Price is placed on that vessel.
The Fair Market Price of a vessel will often vary, sometimes as much as 50% depending upon the condition of the vessel.
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Appraisal surveys are often used when boats are donated. The appraisal survey is an important part of IRS documentation.
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Appraisal surveys are also used in divorce settlements and estate settlements.
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Appraisals surveys are often requested prior to placement of a boat on the market. This survey will establish the approximate value of the vessel and will usually indicate at what price the vessel will sell. Many boat owners will consult a surveyor prior to selling a vessel in order to obtain the best selling price. Surveyors often have suggestions on selling a boat.
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DAMAGE SURVEY
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Damage surveys are performed when a vessel has sustained an amount of damage and repairs are needed. Damage surveys are generally performed for one of the following:
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The vessel damaged is insured and adjustment of the amount of repairs in needed. We examine the cause of the damage, recommend necessary repairs, oversee the repair process, estimate the dollar cost of repairs, recommend certified marine repair facilities, recommend steps to take for the prevention of future repairs.
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We also perform surveys for the insured when the insurance company is not forth coming with the total needed repairs. This may involve litigation and court appearances but seldom does. We usually act as an agent for the insured representing the insured's interest to the insurance company. Most often a misunderstanding is the cause of disagreements.
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Warrantee boats are sometimes the cause of a claim by the purchaser. Rarely but unfortunately a recently purchased boat will not perform to the manufactures standards. When boat dealers and boat manufactures become subject to uphold warrantees misunderstandings sometimes result in short changing the purchaser. A new boat loses a significant amount of its value once it leaves the show room but a new boats warrantee should not. We often represent the purchaser in cases where problems arise with a boat still under warrantee.
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Boat repair yards sometimes make poor or incorrect repairs to a customers boat. Correction may involve a detailed analysis of the repairs made including written bills, warrantees, guarantees, etc.
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We are also consultants boat builders, marine mechanics, marinas, marine facilities that do boat repairs, insurance companies and underwriters concerning the repairs of vessels.
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