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Why commission a marine survey?
Most insurance companies and banks will
require that a vessel, particularly an older one, be surveyed prior to
approving a loan or issuing an insurance policy on a vessel. They will need to know her
condition and fair market value in order to finance and/or underwrite the vessel.
A well conducted marine survey will give
the prospective buyer/seller good information on the vessels condition and fair market
value. Prices can vary significantly from geographic region to region, from builder
to builder, and model to model for seemingly similar boats. This gives the
prospective buyer/seller an effective tool in the negotiation process.
The marine survey can help ferret out
latent manufacturing defects, shoddy workmanship, and sub-standard
construction techniques and equipment and determine if any U.S. Coast Guard defect notices
have been issued on a particular make or model.
A yacht is a major investment... Protect
your interests! All of this aside, the most important reason
to survey your vessel is for the safety of your
passengers and crew!!!
What type of survey should be
commissioned?
Marine surveys are
performed for a number of reasons and the procedures for each varies to best suit your
needs:
Pre-purchase Survey This is the most
comprehensive type of inspection, and is strongly advised when purchasing a new or
used vessel. Condition and the overall operation of the vessel should be
examined. This includes such items as structural integrity, out of the water
inspection, sea trial, electrical systems, propulsion system, fuel
system, machinery, navigation, miscellaneous on board systems,
cosmetic appearance, electronics, and overall maintenance.
Insurance Survey This inspection is
performed so that the insurance company can determine whether or no the vessel is an
acceptable risk. They are interested in the structural integrity and safety of the
vessel for it's intended use. Most insurance companies require a survey on older
boats. They will also want to know the vessels fair market value.
Valuation Survey This survey is
performed to gather enough information to justify or determine the fair market value of
the vessel. This is normally needed for financing, estate settlements,
donations, and legal cases.
Damage Inspection Survey This is
performed to assess the extent of damage, recommend repairs, estimate repair
cost, and if requested, the probable cause.
On/Off Charter Survey Primarily carried
out on commercial vessels at the beginning of a demise (bare boat) charter to determine
the general condition of the vessel at the time of charter and to inventory all of the
vessels equipment, machinery, spare parts, stores, and other
associated equipment, also an inspection of the vessel's papers is conducted. This
inspection is used to document the vessel's condition according to the terms of the
charter agreement. This survey is again carried out at the end of, or return of the
vessel from charter, and any changes in equipment, damage, condition, or
status as per the charter agreement is noted This affords protection to both the
owner and the charterer.
How much will a survey cost?
As a service to our clients, Ocean Marine Services
has set up a free on-line quote service in order to provide detailed quotes. Simply
fill out and submit the SureQuote™ form and Ocean Marine
Services will provide you with a complete, accurate, confidential, and detailed quote by
phone, fax, e-mail, regular mail, or whatever method you specify.
I'm purchasing a new boat.
It shouldn't need to be surveyed, should it?
Yes! A professional survey can in a large part
determine the care, craftsmanship, and quality of materials put into a vessel or
yacht and ensure that it is suitable for the owners intended use. Even well known and
supposedly reputable builders have been known to cut corners where quality is
concerned. This is not to mention inherent design flaws that in some cases have been
passed on to owners who have been left with little recourse for remedy, and have had
to sustain substantial losses on their investment at resale time. This has even occurred
in vessels and yachts built to the most ridged standards of the American Bureau of
Shipping and Lloyds classification societies! Protect your interests... have it
surveyed!
What makes
Ocean Marine Services uniquely qualified to meet my standards of excellence?
Owner, Capt. Scott Thompson,
AMS® is a member of the Society of
Accredited Marine Surveyors (SAMS®), the American Boat and Yacht Council, and
the Society of Naval Architects and Marine Engineers. Capt. Thompson,
our principal surveyor,
is a fully Accredited
Marine Surveyor®, and holds the Accredited Marine
Surveyor (AMS Y, SC) designation. Additionally he
holds a U.S. Merchant Marine Officers License as Master of Motor
Vessels up to 3000 Gross Tons, All Oceans, and Master of Sail Auxiliary
Vessels up to 100 Gross Tons, All Oceans. He
In addition to
having served in the U. S. Coast Guard, Capt. Thompson has been professionally
involved in the marine industry for over 20 years and has held his present Masters License
for over 20 years. Having sailed since the age of 7, Captain Thompson has
accumulated more than 594,200 documented miles at sea on the world's oceans!
What
is the AMS® Designation Granted By The Society OF Accredited Marine Surveyors (SAMS®)?
This page was last
modified on 11/24/06
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