HOPKINSON MARINE SURVEYING
Serving Maryland, Delaware, Pennsylvania and New Jersey
Marine Surveys of Yachts and Small Craft for Pre-Purchase, Insurance, Finance, Valuation
Types of Surveys Description of Services Qualifications Preparing Links How To Reach Us |
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TYPES OF SURVEYS
Pre-Purchase, Condition and Value (C&V) Survey
A prospective buyer is contemplating a significant investment. He or she will want to know the condition and operation of all systems, the condition of the hull, rigging, propulsion, steering, electrical system, plumbing, sanitation, etc. This is a very comprehensive survey and covers all aspects of the vessel as well as the documentation, the fair market value, the replacement value, and provides an assessment of the overall maintenance and condition of the vessel.
Insurance or Finance Survey
Banks and insurance companies often want a survey by an independent third party to determine whether the vessel that is being financed or insured is in sound condition and properly maintained; in short, is it an acceptable risk? The survey will address whether there is structural integrity, whether the vessel fit for the intended use, and what is the fair market value and the replacement cost. The extent of this survey will depend on the requirements of the insurance company or financial institution, and may or may not be a full C & V survey.
Damage or Claims Survey
A claims survey will assess the extent of damage, recommended remediation, determine probable cause, and estimated cost of repairs.
Appraisal Survey
This type of survey is for purposes of establishing a value for the vessel, for the purpose of sale, donation, estate valuation, etc. It is not as comprehensive as the other surveys. The value of the vessel is determined by the overall appearance and condition and the fair market value as evidenced by recent sales of similar vessels.
Corrosion Survey and Problem Analysis
This type of survey is normally performed to determine the cause of excessive or unusual corrosion, such as rapid loss of zincs, damage to props, shaft, rudder, etc. It can also be done with the goal of determining that all bonding is in place and sound, that there are no electrical "leaks", and that the vessel is properly protected from electrically induced corrosion.
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