Sale or Purchase
Valuation surveys are often requested when buying or selling a vessel to determine its fair market value. The surveyor evaluates the vessel’s condition, age, equipment, and other relevant factors to establish an estimated value.
Insurance Purposes
Insurance companies may require a valuation survey to assess the insurable value of a vessel. This helps determine the appropriate coverage and premiums for the vessel’s insurance policy.
Financing
Financial institutions may request a valuation survey as part of the loan approval process for purchasing a vessel. The survey helps establish the vessel’s value as collateral for the loan.
Legal Proceedings
Valuation surveys may be used as evidence in legal disputes, such as divorce settlements, estate planning, or litigation involving the value of a vessel.
During a valuation survey, the marine surveyor typically inspects the vessel’s structural integrity, mechanical systems, equipment, electronics, and overall condition. They may also review maintenance records, documentation, and market trends to determine the vessel’s value accurately.
The final report provided by the surveyor includes detailed findings, photographs, and an estimated value of the vessel based on the surveyor’s assessment and market analysis. This information is valuable for stakeholders involved in transactions or decisions related to the vessel.
