Insurance Condition & Valuation Survey
An insurance survey is intended to reassure underwriters that a particular vessel is worthy as an insurance risk. With vessels over 20 years old it is usual for insurance companies to require regular surveys. Different insurers may require different levels of survey so you will need to ask the insurers to clarify. However, in most cases, an out of the water condition survey is required.
Visible and accessible areas of the underwater hull will be examined, by hammer soundings, ultrasonic point residual thickness measurement, or moisture meter readings as appropriate. The hull will need to be as clean as possible so ideally a pressure wash to remove weed & debris prior to the survey is advisable. In most circumstances the surveyor will scrape clean sample areas (except where a hull has copper anti-fouling) both selected on the basis of his assessment of likely areas of defect, and also selected at random. The assessment of condition will be based on the evidence presented by the sample areas inspected.
The insurance survey report does not usually provide comment on cosmetics, build quality or fitness for purpose and is not recommended for forming a decision on the purchase of a boat. It is purely for insurance purposes.
Standard Pre-Purchase Condition Survey
This is intended to examine all significant visible aspects of the vessel’s structure and equipment. Hull condition will be assessed as for an insurance survey and similar comments apply with respect to hull cleaning.
The survey will examine visually all accessible parts of the vessel and its equipment – a more extensive manner than the insurance survey. All systems, plumbing, gas, electrical etc. will be inspected visually without test unless specifically requested.
A written report is then prepared containing recommendations for repair and improvement graded with respect to priority. This survey may also contain an opinion on overall suitability. The surveyor is open to discussion and clarification of the report.
It should be remembered that a client is asking the surveyor to find fault with the vessel – it is not the surveyor’s task to romanticise or encourage a purchaser. The final report can average 16 pages of detailed findings with suggestions for course of action. In general this would be a maintenance schedule for the coming months or year in order to bring the vessel back into fully seaworthy condition. A prospective purchaser should bear in mind that the vessel is not new and that maintenance work will be required – concentration should be focused on the items that the surveyor lists as urgent or structurally vital.
Hull Structure or Partial Survey
This type of survey is usually carried out on relatively new boats and may satisfy the requirements of finance companies. It can also be a decision maker as to whether to proceed with a full survey. In general this type of survey is becoming less common as insurance constraints on surveyors often insist that they are not covered unless a full survey is carried out
Valuation Survey
A surveyor is sometimes asked to put a market value on a vessel dependent on its condition. However we would suggest that a yacht broker is in a better position to judge market value as they would have up to date experience of achieved selling prices and be more aware of changes in market trends.
Multihulls
It should be borne in mind that multihulls are a specialist market and require certain differences in approach with regard to surveys. We have therefore prepared a list of surveyors who have been used by purchasers of a catamaran or trimaran and found to be professional and diligent in their reports.
Over a period of time these surveyors have built up an accumulative knowledge of the various designs of catamarans and trimarans and therefore are aware of typical areas of weakness or strength which will help identify whether a problem is structural or purely cosmetic.
Surveys abroad
If the prospective multihull for purchase is lying abroad it is well worth considering using a UK surveyor. Certainly a number of surveyors on the list will only charge for their travel & hotel expenses and not charge for any additional time travelling. The survey therefore will be the same cost as on the UK Mainland + cost of travel which can be under the direct control and agreement of the client.
The main advantage is that the quality of the surveyor is known and the survey will be in the mother tongue. It will also be to the standard of the UK surveyor’s criteria. Often foreign surveys are more superficial and do not give as much detail as a client may require.
COSTS: as a general rule £12-15* per running foot length
+ travel costs to and from site. Check whether the surveyor is VAT registered or not as this will affect the final price charged.
LIFTING ASHORE: as a guide this is usually £15-£20 per metre * ex VATeach way depending on size of vessel.
DELIVERY TO DRYING SLIPWAY: For vessels purchased from the Boat Park at Thornham, we offer a delivery service to take the boat from Thornham to a drying slipway at Hayling Island and bring the boat back. The fee for this service is £150-£200* depending on size of vessel and includes delivery, slipway fees and return taxi fares. This is often a cheaper option than a lift-out and more “user friendly” to the boat itself.
* prices as at December 2006
Ask for details on the following additional services:
- TONNAGE Survey for full ships registration
- CHARTER CODING for catamarans – we can offer a full package which will bring the vessel to charter regulation standards
Click here to Download Surveyors List
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