So You Think You Need a Survey
Know if the boat is seaworthy and sound
By Lawrence Watson
Charthouse Marine Survey & Appraisal Service
You’ve been looking at the used boat market to buy a boat. Maybe it’s your first boat or maybe you are an experienced boater looking to move up – so much choice and so much variety. Perhaps you think you’ve found your ideal used boat and the price is in your comfort zone. What’s next?
Aside from the obvious points of coming to an agreement with the seller for price and other terms or conditions before you take possession, you should consider having a marine survey performed on your prospective purchase. A good marine survey can justify your decision to buy this particular boat or save you from a lot of unexpected expenses, frustration and disappointment down the road. At the very least, a good survey will give you the information you need to help you make your purchase decision. This type of survey is commonly known as a “Pre-Purchase Survey.”
Other types of marine surveys are for “Insurance” purposes, where an insurance underwriter needs documentation on the overall condition and value of the boat they are insuring. “Valuation” surveys are not as comprehensive or detailed as Pre-Purchase or Insurance surveys and are used for financing or refinancing,
estate, or dispute settlement reasons. If you are financing your purchase or your current boat is financed, your lender may want to know the boat’s condition and relative market value to help assess their risk.
View the video online: See Episode 7 of the 2010 season of PowerBoat Television.