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Insurance Marine Survey

Typically a Condition and Value or Insurance marine survey is used for Insurance or Financing purposes. This type of marine survey is not as comprehensive as the Pre-Purchase marine survey and focuses on the overall condition and value of the vessel. During the Condition and Value marine survey the marine surveyor will examine* the vessel in a static non-operating condition as to determine the general overall condition. He will also record the hull identification number and engine serial numbers. Finally, there will be a summary statement and an estimate of the  present Fair Market Value of the vessel.   A Condition and Value marine survey does not include any examination of wetted surfaces and underwater machinery nor does it include a sea trial.  Generally, the engines and generator will not be run.

The overall condition of the vessel will be determined using the marine grading system of condition as developed by BUC Research.  This condition rating will then be used with other factors to determine the overall Fair Market Value of the Vessel on the date of the marine survey.

The “Fair Market Value” is the most probable price in terms of money which a vessel should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

The following is the accepted marine grading system of condition:

“Excellent (Bristol) Condition” is a vessel that is maintained in mint or Bristol fashion – usually better that factory new – loaded with extras – a rarity.

“Above Average Condition” has had above average care and is equipped with extra electrical and electronic gear.

“Average Condition” is ready for sale requiring no additional work and normally equipped for her size.

“Fair Condition” requires usual maintenance to prepare for sale.

“Poor Condition” substantial yard work is required and devoid of extras.

“Restorable Condition” enough of the hull and engine exists to restore the boat to useable condition.

*note:  The marine surveyor will examine the vessel using ABYC Standards and CFRs as guidelines without removing any paneling, planking, fittings and without opening up to expose parts normally concealed and without any destructive testing of any kind.