Marine Surveys - Helpful or Hassle?

These reports often include comments on things that are good and bad about your vessel, but lack the details. They may tell you what's wrong, but they don't tell you why and how to address hidden dangers and problems. While this standard format might be called an "insurance survey," it often does not provide the level of detail insurance underwriters may desire!

>> > Next: What if more detail is needed?

What is a survey used for?

You might be wondering what the purpose of your survey is. What function must it serve?

The most basic survey need is an appraisal or valuation. You may need to establish the fair market value (also referred to as current market value) for your vessel for a loan, to establish an amount of insurance, to settle an estate or document a donation for tax purposes, or for other legal purposes.

The next level of detail for a marine survey also comments on the overall integrity and safety of the vessel for its intended use, but does not go into a full condition and evaluation report. Such a survey may come in the form of a checklist or a rigidly formatted report (beware of fill-in-the-blanks templates) and usually lacks thorough commentary.