Before buying or selling a yacht, we examine the yacht thoroughly and on the basis of the findings create a valuation report. This can be used to asses your Insurance policy value and effectively your premium.
- Provide a thorough description of the vessel. A detailed written report will be prepared on the vessel; it’s configuration, equipment and discrepancies from good marine practice. It will include a list of “Recommendations” needed to bring the vessel up to standard. It will probably point out things, both good and bad, that you or others have not noticed.
- Determine the condition and approximate fair market value. The survey will provide you with an informed opinion, not influenced by immediate financial or emotional considerations. If you are experienced and knowledgeable, you will appreciate the usefulness of this “Professional Second Opinion” even if you already have a good idea of the vessel’s condition and value.
- Your lender and insurer will want this independent evaluation from a Professional Surveyor who is not involved in the deal, when deciding on the amount to lend or insure. However, they may also choose to use a somewhat higher or lower figure than the survey valuation depending on their experience and company policy.
- Assess safety and suitability of the yacht for the intended usage. The survey opinion, supported by detailed observations provided in the report, should help you decide whether the vessel is suitable for you. Naturally, Insurance underwriters will also be concerned with safety recommendations in the survey, since this will affect any potential liability claims in the future.
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