The answer to the question of how often do I need a marine survey will depend on several factors. The main ones are the requirements of your insurer, lender, and the type of boat you own. Typically, you need to get a marine survey done at least once every 5 years. This requirement is, however, not set in stone. When you need marine insurance, the insurer may demand a more current survey. This means you may have to get a fresh survey done even if you had another survey done less than 5 years ago. The case is the same when dealing with lenders. They may demand a more recent survey to be done before they can accept your boat as collateral.
The type of boat you own also matters. If your boat is more than 30 years old, you will be required to provide a more recent boat survey before a lender or an insurer can accept it. Wooden boats are also prone to damage. As a result, you will need to update your survey report at least once every 2 to 3 years. All things considered, having a recent Palm Beach marine survey is the way to go. This is because a survey report that is only a few months old will paint a clearer picture of the condition of your boat. You will also know its fair market value and be able to determine what to insure.
The type of survey you need will depend on what you need the survey for. For example, if you need a survey done to help you get insurance, you will need an insurance survey. For this kind of survey, the insurer may provide you with a list of items that have to be assessed by a marine surveyor in Palm Beach. To understand the current condition of the boat, you will need a condition and valuation survey. This is a more detailed inspection of the boat and helps establish a baseline condition and value.
The survey you get can be as comprehensive as you want. When getting ready to sell your boat for maximum profit, it is good to keep in mind that buyers will want to perform a condition and valuation survey. Performing this survey before getting your boat on the market will help you view the boat from a buyer’s standpoint. You can use the findings of the survey to fix up the boat so that you sell it for the best price.
As you can see, there is no direct answer to the question of how often do I need a marine survey. All in all, keeping your survey report up-to-date will guarantee that you have a clear understanding of the condition of your boat. Always use an experienced marine surveyor.