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Midwest Marine Surveyors Chippewa Falls, Wisconsin, USA Serving Minnesota and Wisconsin. St. Croix and Upper Mississippi Rivers. Gary Shorrel, SAMSŪ AMSŪ Principal Marine Surveyor |
Reprinted from The February 2008 Edition of Scuttlebutt Magazine. |
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These questions are often asked of marine surveyors. Why a marine survey is required and what a survey includes are frequently not well understood by the boating public. New, or even experienced boaters, are sometimes surprised when their financial institution or insurance company asks them to have a marine survey performed. The bank or insurer may require that a survey be performed on the boat that they are about to purchase, have just purchased, or in order to renew a policy on an older vessel. A professional marine surveyor's primary concern is to determine if the vessel is safe and fit for its intended use. Surveyors who are members of one of two main surveyor's organizations; The Society of Accredited Marine SurveyorsŪ (SAMSŪ ), or The National Association of Marine Surveyors (NAMS), are highly trained and experienced professionals who conduct their surveys with the highest ethical standards. Surveys are conducted to U.S. Coast Guard regulations, American Boat and Yacht Council (ABYC) standards and the National Fire Protection Association (NFPA) standards. These comprehensive surveys are known as "condition and value" surveys. A marine survey is typically performed for boat buyers (the Pre-Purchase survey), for insurance renewal or new insurance, and occasionally for an appraisal. Insurance companies will also contract marine surveyors to conduct damage inspections so that they may properly compensate their client for vessel damages. A pre-purchase marine survey is the most comprehensive inspection and is strongly advised when purchasing a used vessel. Too often a surveyor gets a call from a client stating, "i just bought a boat, now i need it surveyed." The boat buyer would be prudent to contract the survey prior to the final purchase. Many times the surveyor will find problems with the boat that need attention or repair. Some findings could be serious defects in the vessel. A buyer would be wise to have these problems addressed by the seller or negotiate a lower selling price to compensate for the needed repairs. The cost of needed repairs could be much greater than the survey fee. About 80% of insurance companies that insure larger vessels (usually 30 feet and greater) require an insurance survey when a boat becomes older than 10 to 12 years. The insurance company wants to determine whether or not the vessel is, or continues to be, an acceptable risk. They also want to know the vessel's fair market value. Insurance rates from insurance companies that require marine surveys can be lower than those companies that do not require a survey. A survey is typically valid for five years for insurance purposes. An appraisal survey is performed to determine or justify the fair market value of the vessel. This type of survey is often contracted by a law firm for estate settlements or other legal proceedings. A marine survey should be viewed as an investment in the safety of the vessel and her crew. It is an investment to ensure that your valuable asset is in suitable condition for its intended use. Finally, it is an investment in the knowledge that a professional marine surveyor has thoroughly inspected the vessel, reported his or her findings and recommendations, and provided the buyer or owner with needed information for informed decision-making. Gary Shorrel - Marine Surveyor, SAMSŪ AMSŪ Member - Society of Accredited Marine SurveyorsŪ Member - American Boat and Yacht Council ABYC Certified Marine Technician |
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Copyright © 2008/2010 Midwest Marine Surveyors, Chippewa Falls, Wisconsin, USA, marine-surveyor@charter.net Installed November 14, 2008, Last Revised May 4, 2010 - This site is hosted and maintained by Don Robertson |