Frequently Asked Questions
Question: What is a marine survey and why does my insurance company or lender require one?
Answer: A marine survey is a thorough inspection of a vessel's hull, bottom, topsides, interior and
machinery, as well as the sailing rig on sailboats. A written report is then generated explaining what
'deficiencies' were found that should be corrected. Insurance companies and lenders want to make sure
that their loan or coverage is on a vessel that meets their standards.
Question: Is there more than one type of survey and which one do I need?
Answer: There are several types of surveys, see below:
- Pre-Purchase Survey - performed for a buyer of a used (or new!) vessel to inform the buyer of a vessel's condition and valuation, typically done after price agreement has been reached with the seller. This is a very thorough and comprehensive survey which will give the buyer guidance on whether to go forward with the purchase, negotiate a lower price based on the surveyor's findings, or to make the decision not to purchase.
- Damage Survey - performed to assess the extent of the damage and the probable cost for repairs.
- Valuation Survey - performed to determine the fair market value taking into consideration the present condition of the vessel and comparisons to recent sales of similar vessels. Typically needed for estate sales and to determine value for donation purposes.
- Insurance Survey - Your insurer will want to determine whether they deem your vessel an acceptable risk. They will want information on the vessel's overall condition, cosmetic appearance, structural integrity and especially whether the vessel's safety systems meet applicable laws and standards.
Question: How much does a survey cost?
Answer: It depends on the type of survey required, the size and the age of the vessel. For a quick quote,
fill out the quote form and we will get an answer to you right away!