This pre-purchase marine survey is the most comprehensive type of inspection and is strongly advised when purchasing a new or used vessel. It is used to ascertain the condition and the overall operation of the vessel. This inspection is to assess the general condition of the vessel for a prospective buyer. The pre-purchase marine survey report will outline the condition of the hull, decks, engine and equipment Shea Marine Surveyors will basically cover everything about the boat, which may reasonably be gained in a single day (sometimes 2, for larger vessels).
All visible and accessible areas of the hull will be examined, by hammer soundings, and by moisture meter readings as appropriate. The pre-purchase marine survey includes such items as structural integrity, propulsion system, fuel system, electrical systems, navigation and miscellaneous on board systems, masts, rigging and sails, cosmetic appearance and overall maintenance.
It will not include intrusive procedures (such as destructive testing or stripping down engines), but the Shea Marine Surveyor will get into every available nook and cranny, inspect all woodwork and fastenings, follow all hoses, pipes, wires and ropes to make full appraisal of the condition of the vessel and its systems.
The insurance survey will concentrate on those items which are most likely to cause or mitigate insurance claims: the general structural condition of the hull, seacocks, engines and fuel systems, steering, gas systems, as well as masts, rig, sails and safety equipment. It does not cover items such as electronics, domestic plumbing, furnishings and sails, however these items will be reflected in the final valuation.
This Shea Marine inspection is performed so that the insurance company can determine whether or not the vessel is an acceptable risk. They are interested in structural integrity and safety for its intended use. Most insurance companies require a survey on boats older than 20 years. They will also want to know the vessel’s fair market value. An insurance report is specifically formatted for underwriters; being factual and to the point but indicating that a comprehensive inspection of the vessel has been undertaken.
As with a pre-purchase survey, the vessel may need to be out of the water. As moisture readings are not usually taken for this type of survey (unless a full osmosis assessment is specifically requested), GRP vessels will only need to be out of the water for the period of inspection, and do not require drying-out time beforehand.
We often find owners resent the cost of an insurance survey believing that their boats are in good working order. However it is rare for us to carry out an insurance survey and not find something that will affect the insurability of the vessel.
Under marine insurance law an un-seaworthy vessel would make your policy null and void.
The cost of an insurance survey is therefore worthwhile if only for peace of mind that your boat is seaworthy and therefore insurable.
Damage Assessment Surveys are often necessary after accidental damage has occurred as a result of a collision or grounding. Unfortunately these are common events and regularly result in an insurance claim. It may be necessary to carry out a Damage Assessment Survey to satisfy an insurer as to the extent of the repairs required as well as costings. Shea Marine regularly carry out Damage Assessment Surveys following accidents involving leisure craft. A full report is provided for the insurance company and Shea Marine can also look after all dealings with the insurer on behalf of the boat owner if required.
Repair Management Services
Repair Management ServicesFollowing a Damage Assessment Survey it may be preferable for the repair of the vessel to be managed by a third party. In this situation Pro Marine can act as an independent entity dealing with the vessel owner, boat yard/repairer and insurer to ensure that all repairs are carried out to a satisfactory standard.
A report documenting the repair work can then be prepared once all work has been completed. This report then forms part of the vessels documentation should it need to be referenced at a later date.
Valuation Reports are occasionally required by an insurer in circumstances were the value of a vessel is not clear or if the insurer believes a vessel to be over insured. A Valuation Report may also be required by a finance house when a client is obtaining a loan for the purchase of a vessel. In circumstances of shared or syndicate ownership of a vessel when one or more
members wishes to sell their share, a current valuation may be required.
Marine vessel valuation surveys are often required for the courts to ascertain the value of the vessel for marine mortgages, yacht purchase, revaluing after a major refit, insurance purposes, and divorce proceedings. A valuation will consider the current market condition, general vessel condition, location, age, engine use, quality of build, inventory of installed equipment, and the selling price of similar vessels. We provide a comprehensive, written, independent market valuation statement and reports after the survey is completed on the boat.
A valuation will always be included in Insurance/Condition Surveys and Pre-Purchase Surveys however Shea Marine can provide a valuation in a stand alone Valuation Report if required. This involves an inspection of the vessels condition which can be carried out at any location in Ireland.
Call us for more information for your pre purchase marine survey