There are many reasons why you may have to work with a marine surveyor Palm Beach. In most cases, people contact a surveyor when buying a used boat. Their goal here is to get a pre-purchase survey. This is a comprehensive survey done to understand the exact condition of a vessel. Needless to say, a pre-purchase survey is very important when you don’t want to make a bad investment. It is the most thorough of all marine surveys. This is, however, not the only time you may need the input of a survey. You may need a surveyor for the following reasons.
Valuation surveys
It is good to know the exact value of your vessel, isn’t it? If this is what you need, you can bring in a marine surveyor Palm Beach for a valuation survey. In most cases, this type of survey is requested either for finance, insurance or taxation purposes. It covers the same scope as a pre-purchase survey with the primary focus being determining the ‘fair market price’ of the vessel.
Insurance survey
Just as the name implies, an insurance survey is done for the purposes of insurance. This survey is similar to a full condition survey only that focus is paid to the structural integrity as well as safety aspects of the boat. the purpose of the survey is to help the insurance provider assess the insurable risk of the boat. In most cases, this survey will be required by insurance companies for first entry at 5 to 10-year intervals.
In most cases, insurance providers are satisfied with the less-than-a-full surveys. Therefore, to avoid incurring unnecessary delays and costs, start by making sure that the boat surveyor you hire for an insurance survey will be approved by your insurance company. You should also ask the insurance company for the list of items that must be included in the survey report.
Damage assessments
This type of survey is usually requested by the underwriters. It helps the insurance broker to assess the extent and cause of a marine incident. The survey is more of an incident investigation. It is meant to identify the cause of marine loss. A forensic examination of failed components or systems helps identify the cause of failure. At the end of the assessment, the insurer will be able to know if the loss is covered by the insurance policy.
Corrosion survey
These are inspections done to assess the state of cathodic protection of a vessel. The purpose is to troubleshoot or prevent corrosion problems. The survey involves the assessment of onboard installations and dock installations where the boat is usually docked.