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 CONDITION
SURVEY
For those buying a boat, seeking to obtain finance or in some cases
for those seeking to obtain insurance the Condition Survey can be
required.
The Condition Survey provides a detailed assessment of all areas
made available by the owner or vendor. The commissioner is provided
with a more thorough understanding of the favourable and less
favourable aspects of the boat or intended purchase. In the case of
Pre-Purchase, the survey report aims to assist the potential buyer
when it comes to the decision on whether or not to purchase the
boat.
In order that the full value of the survey can be realised this type
of boat survey should rarely be carried out if the craft has not
been placed out of the water and ideally only when the below water
areas have been cleaned back.
A number of methods of assessing the boats structure are employed
and include, on metal craft, non destructive thickness detection
which is carried out using an Ultrasonic thickness testing device.
After the boat survey has been carried out a detailed written report
is provided with a list of recommendations and a suggested time
scale by which completion of the rectification work should have been
concluded.
If required, and as an additional component, an estimated market
value of the boat can be provided as part of the pre purchase report
document.
EXTERNAL HULL SURVEY
It is becoming more common for boat insurance underwriters to
require a partial or complete boat survey on craft of a certain age
before they will offer insurance. In some instances they will accept
an assessment or survey of the Hull only, combined with a Boat
Safety Examination. (BSS) [Link to BSS]
This type of boat survey is limited to the areas externally
accessible, below water hull areas and external components of the
rudder and sterngear only. The quality of the build, the degree and
relevance of wear and a direction on future maintenance form
components to this survey.
The written report generated by the boat survey, offers
recommendations on wear and future maintenance aimed to be of use to
the boat owner as well as the boat insurance underwriters. By the
very nature of this type of boat survey the craft must have been
docked or removed from the water prior to the survey.
This survey is less exhaustive than a full condition survey of the
same areas.
VALUATION SURVEY
A Valuation survey, if undertaken in separation to a condition
survey, is not an in depth examination or assessment on the
condition of a craft, it is solely an opinion on the sale price that
the boat surveyor feels the craft may achieve on the open market if
offered for sale and sold within a reasonable time period.
Valuation Surveys may be required for a variety of purposes.
Insurers will often require a valuation before new cover terms are
offered. However, in this scenario it is more usual for a valuation
to form a part of a Condition Survey, whereas a valuation survey in
isolation may be appropriate if an increase to the insured value of
a boat with an existing policy is being sought. Valuations are often
requested as part of asset evaluation for the accounts of companies,
by executors administering the estate of a decided owner, by
domestic couples who are divorcing or separating or where an
abandoned craft is to be disposed of.
The value of a boat is assessed as an open market value, in a
willing buyer and willing seller basis and on an ‘as seen and as
lying’ basis.
In order that the full value of the valuation survey can be realised
this type of survey should rarely be carried out if the craft has
not been placed out of the water and ideally only when the below
water areas have been cleaned back.
A number of methods of assessing the craft structure are employed
and include, on metal craft, non destructive thickness detection
which is carried out using an Ultrasonic thickness testing device.
After the survey has been carried out a detailed written report is
provided with a list of recommendations and a suggested time scale
by which completion of the rectification work should have been
concluded.
If required, and as an additional component, an estimated market
value of the craft can be provided as part of the pre purchase
report document.
DAMAGE SURVEY
It is more often that it is insurance underwriters that commission a
damage survey in order to confirm the cause and extent of damage and
the likely cost associated with the insured liability. However a
craft owner, in dispute with their insurers can request an
independent survey in order to assess their position.
A damage survey can be of value to an uninsured claimant, or an
insured party wishing to take additional opinion on a matter.
TONNAGE SURVEY
For vessels which are to undergo Part I Registration with the UK
Shipping Register for merchant ships and pleasure vessels [Link
to Part 1 Register] a tonnage measurement is required.
Registration under Part 1 is generally required if the vessel is to
be used as security for a marine mortgage.
This boat survey does not relate to any aspect of the condition of
the boat, but is a quite simply a measurement of the boat to a
specific set of criteria combined with a verification of other
aspects of the boat. Tonnage Surveys are carried out as an agent for
the Yacht Designers and Surveyors Association. [Link to YDSA]
SHIP CANAL CERTIFICATES
It is a requirement that pleasure vessels wishing to navigate the
Manchester Ship Canal must have a valid certificate which confirms
their suitability for the passage. Such certificates can only be
issued by approved surveyors such as ourselves. [Link
to Ship Canal Co.]
This boat survey examines the ready availability of several
navigational aides and pieces of equipment aboard the craft and
assesses suitability and condition and does not represent a
condition survey of the craft. |
