What is a marine survey?
A marine survey, in its plainest form, is an appraisal and evaluation similar to that performed on real estate.
For starters, if you are dealing with a reputable Yacht Broker such as me, he will walk you through the process. I am familiar with several marine surveyors that I will suggest as I’ve had experience with them in the past and I know their capabilities. I will not choose one for you however, as I don’t want any suggestion of a conflict of interest.
There are several kinds of surveys but for the buyer, the Pre-Purchase Survey is the one you will need. It will be the most comprehensive type of inspection, and is typically requested by banks and insurerswhen purchasing a used boat. Condition and overall performance of the boat will be evaluated. The value of the boat will also be determined by the surveyor.
A complete inspection will not be done quickly and will depend on the type of survey required based on the size, equipment and on-board systems. There could be additional services available such as oil analysis, ultrasonic testing, and other non-destructive tests. There may be additional charges for these and other services.
Good surveys will give the buyer a lot of good information, but they are never a guarantee that something could be missed. The surveyor notes the condition in reachable areas only as it exists at the time of inspection.
Why get a survey on your boat?
If you are planning to spend several thousands of your hard-earned dollars in buying a yacht, a marine survey may be the least costly and most valuable tool you have to help you in that purchase. A boat Captain who knows the condition of his vessel is much better prepared to handle adversity than one who is not. The surveyor you employ to inspect the boat should have the knowledge and expertise to determine if the boathas been properly maintained and in safe condition. A wise buyer must make his final acceptance of the vessel subject to the findings of a surveyor.
Why is it a good idea tohave a vessel surveyed? Most underwriters and lenders will require them on early model vessels. They wish to know of her condition and fair market value if financing is needed. And knowing about her value beofre you purchase is also important. But the most important element is to insure the safety of her crew and passengers.
Pre-purchase survey
This covers structural integrity, machinery, miscellaneous on-board systems, cosmetic appearance, and overall maintenance as well as an out-of-water inspection and a sea trial
Insurance inspection
This survey is not as comprehensive as the pre-purchase survey and is used so the insurance companycan determine whether or not the boat is an acceptable risk. They are interested in structural integrity and safety for its intended use. Most insurance companies require a survey on older yachts. They will also want to know the 's fair market value.
Assessment inspection
This inspection is performed to collect enough data to justify the fair market value of the boat. This is usually needed for financing, estate settlements, donations and legal cases
What to expect during the physical survey
We typically perform the survey as part of the sea trial.
The surveyor will meet you, the buyer, at the boat early in the day. The yachtowner is usually there as well as the Broker. He will begin with an broad evaluation of the boat looking for anything significantly different. He will then begin his survey on a specific system of the boat; these include:
Fuel systems,
Water systems,
Cooling and heating systems,
Electrical systems; both AC and DC,
Propulsion system
Waste systems,
Electronics,
Navigational systems,
and more.
It is usually the engine he will begin with as he will like to examine it before it being started and gets too hot to touch. He will continue addressing each system in no particular order. He’ll examineeach system’s component then start it up to insure it works; such as lighting, stoves, AC and heat, everything. Some nondestructive testing such as sounding the laminate with a hammer, or checking with a moisture meter is usuallyincluded.
And it’s OK to talk to your surveyor and ask him what he is finding, just don’t hover over him and get in his way.
Later in the morning we’ll need to take the boat to a nearby yard to haul the boat out of the water to allow the surveyor to look at the bottom. We conduct the sea trial during this period. You now get to operate the boat to make sure you like how she handles. The owner is aboard to assist us.
Later on we lift the boat out of the water for about an 45 minutes and your surveyor checks theprop shaft and propeller, through hulls and hull for any damage or other problems.
After we are done with looking atthe bottom, the boat is placed back into the water and we will continue with the sea trial. Again you can operate the boat as much as you like. The surveyor will also take the helm to"check out" the boat and check her steering and performance. he will usually go into the engine roon while underway too, just to check on things.
So by later in the afternoon, your surveyor has inspected the entire boat; he has either inspected or operated everything to suit him so he will give you an objective opinion as what he thinks of your chosen boat. You’ll know before the day is over if you have a boat worth buying.
Oh, and by the way, it is customary to pay the surveyor on the day of the survey.
So what will be in the written report?
You are hiring the marine surveyor for his objective thoughts of the condition of the boat and its value. You may not agree with their final determinations in either regard, but you have benefited from their professional judgements.
The written report will include the areas inspected and include recommendations regarding problem areas. It will also include a current market value and/or replacement value estimate.
identification numbers, and engine infThe marine survey provides a complete report on the subject vessel, and references complete identification of the boat (including model year, make, hull ID and so on). The report also gives detailed information about the boat including description of the superstructure and hull, electronics and safety equipment, electrical systems, firefighting equipment, and fuel systems.
You should be aware of the guidelines a marine surveyor uses for his comparisons, such as: "The mandatory standards promulgated by the United States Coast Guard (USCG), under the authority of Title 46 United States Code (USC); Title 33 and Title 46, Code of Federal Regulations (CFR), and the voluntary Standards and Recommended Practices developed by the American Boat and Yacht Council (ABYC) and the National Fire Protection Association (NFPA) have been used as guidelines in the conducting of this survey. "
This tells you the exact information the marine surveyor used as a baseline for his comments and recommendations. Also be sure you understand how the marine surveyor determined the market value and/or replacement value for the boat and what those values mean.
Mike Dickens, the writer, is a boat owner and owner/Broker of Paradise Yachts in Florida USA.
Paradise Yachts provides used choice yachts to customers worldwide.
Visit the Paradise Yachts web site to view our selection of Used Trawlers, Used Motor Yachts, and Used Sailboats for Sale
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