Types of Surveys
In the marine industry, there are four types of survey:
a) Pre-Purchase Survey (also known as Condition & Valuation Survey). Commisioned by prospective buyers or sellers for a boat that is considered for purchase. It is the most comprehensive of all surveys.
b) Insurance Inspection. Commissioned specifically by insurance companies to determine if a boat is worthy enough to be issued insurance.
c) Appraisal Inspection. Mostly commissioned by banks or estates to determine the value of a vessel either for loans or estate disputes/dissolution of assets.
d) Damage Inspection. For boats that have sustained damage, either for insurance companies to ascertain amount of payouts or for owners/buyers that want estimates for repair.
At Rebirth, we perform exclusively type A of Survey, the Condition & Valuation (or Pre-Purchase) Inspection as it is the most comprehensive of all surveys and it can be used for all other purposes.
This survey is an exhaustive inspection of all boat parts and structures, both above and below the water line (such as hull, decks, fittings, plumbing, and fixtures), as well as all systems (AC and DC electrical systems, including panels, wiring and connections, motors, generators, exhaust system, electronics, gauges, instruments, sanitation, potable water, black water, etc) The exhaustive nature of this survey explains why it is required by both Insurance Companies and Banks for determining the vessel's real value before issuing policies or loans. This survey will list whatever deficiencies are found in order of importance, from those that require immediate attention, to the ones that may enhance the safety and value of the vessel to the ones that are merely recommended. Then, we will issue an estimated value of the vessel, by comparing the results of the survey against market prices and actual sale prices for that particular make and model.
We recommend this survey for both buyers and sellers who are serious about the sale/purchase of a vessel, and here's why:
A careful owner who has taken good care of a boat and has nothing to hide benefits from commissioning a survey, which usually becomes one of the most important sales tool as a way to put the minds of potential buyers at ease and to justify the asking price. There is no better way to keep hagglers and low ballers away than with a sound survey report, as well as to show honesty and openness when admitting to issues found by said survey.
A buyer who has fallen in love with a boat and is ready to buy, should nevertheless, make sure that everything is as represented by the seller, and a survey can tell exactly what issues there are as well as their seriousness. If repairs are needed, especially those of urgent nature, their scope may well push the investment past the buyer's budget and turn this seemingly perfect purchase into a nightmare.