Certified Marine Surveyors & consultants
The Valuation Survey is usually required by a boat owner, a marine underwriter, insurance company or marine financier to establish the vessel's general condition and approximate fair market value, for the purpose of insuring and/or financing her. This is not a full survey and it should never be accepted in lieu of a full purchase and sale survey when purchasing any vessel.
The procedure and report format of the Valuation Survey is similar to the Pre-Purchase Survey, but is simpler and less intensive. It does not entail full inspections in detail except where they are found to be needed. Instead, evaluation of the vessel's structural condition and of her systems is made by brief visual inspection with an eye out for any indications that there might be deficiencies or problems beneath the surface. If any "suspect item" is found, then more detailed inspection will be made.
The "FAIR MARKET VALUE" (FMV) is calculated using the following information and is the opinion of the surveyor based upon the results of the condition and/or value survey. Market research will be conducted using the Internet and various national and international yacht broking agencies to determine the selling and asking prices of like and comparable vessels of the same age and equipment level. The term FMV assumes all conditions are requisite to a fair sale, that the buyer and seller are each acting prudently and knowledgeable, and that the price is not affected by an undue stimulus.
Insurance companies may request the Valuation Survey periodically, as frequently as every five years in the case of some vessels. The purpose of it is to establish a record of the vessel's general condition and approximate market value as of a specified date.