Services · 03
What the boat is, and what it’s worth.
An independent assessment of the vessel's overall condition together with an estimate of current Fair Market Value and Replacement Cost.
About this survey
A condition & valuation survey is commonly requested for financing, refinancing, estate planning, legal matters or simply to establish an accurate value before a decision that depends on one. It is performed with the same thorough approach as a pre-purchase inspection, with particular emphasis on condition, maintenance and seaworthiness. Where the vessel calls for it, sea trials, haul-out inspections, moisture testing, thermal imaging and ultrasonic thickness testing are incorporated.
What a typical condition & valuation survey may include
- Structural inspection of hull, deck and superstructure
- Mechanical and propulsion systems evaluation
- Electrical system inspection (AC & DC)
- Plumbing, fuel and sanitation systems
- Steering and running gear
- Navigation and electronic equipment
- Safety equipment inspection
- Moisture testing where appropriate
- Thermal imaging when beneficial
- Ultrasonic hull thickness testing (steel/aluminum), when applicable
- Fair Market Value and estimated Replacement Cost assessment
- Comprehensive written report with findings and recommendations
Most reports land in 48 hours. Seventy-two at the outside. The surveyor who did the inspection writes the report, usually the same night.
Straight answers
How is the valuation determined?
Through analysis of the vessel's age, condition, equipment, maintenance history and current market data, not from a listing price or an owner's hope. Documented as Fair Market Value and estimated Replacement Cost.
Who typically needs this survey?
Owners establishing value, lenders and refinancers, attorneys, and estates: anyone who needs a number that has to stand on its own.
What is the difference between Fair Market Value and Replacement Cost?
Fair Market Value is what the vessel would sell for today, read from comparable boats actually changing hands. Replacement Cost is what it would take to put a like vessel in the water now. They are rarely the same number, and which one matters depends on who is asking and what they are deciding.
The next step
Know what the boat’s worth before someone else decides.
Tell us the boat and who is asking for the valuation: a lender, an underwriter, a buyer or an estate. That is what decides how much the survey has to document.