Buying a boat is a serious investment, and having a proper boat survey taken can mean the difference between an excellent buy and a variety of costly surprises down the line. A qualified marine surveyor hired to assess the condition of a boat protects your purchase decision. This guide illustrates critical elements of a boat survey and how to find a marine surveyor who can suit your needs.
Understanding Boat Surveys
A boat survey should be a detailed inspection by a qualified marine surveyor to inspect the vessel in as much detail as possible for its condition and seaworthiness. Make sure your purchase agreement gives you an out or a chance to renegotiate in case big problems show up during that survey. Most contracts give 14 days from the date of signing to perform a survey, but be sure to read the terms of your contract. By prioritising a survey, you will protect your investment and the boat in good working condition. The bottom line is that taking a survey is crucial whether buying, selling, or maintenance of the boat.
Types of Boat Surveys
There are various types of boat surveys to perform based on your purpose:
- Pre-Purchase Survey: It is a detailed survey undertaken at the time of purchase. Basically, it will include all major systems which start from the hull structure to the engine including electrical systems and safety equipment.
- Valuation Survey: These are done to determine the market value of the vessel. It may also be very valuable for potential buyers and sellers.
- Insurance Survey: Sometimes, these are required by insurers, normally to ensure that a vessel meets minimum standards for safety. This type of survey generally covers conditions and valuations of the vessel.
- Appraisal Survey: Conducted to establish the fair market value for financial and selling purposes of a vessel.
- Damage Survey: This is done when a vessel has gone through some damage. The extent of repair varies and depends on the finding after the survey.
Why Boat Surveys Are Essential
Boat surveys provide an expert evaluation of the vessel, helping to uncover hidden problems such as structural defects, mechanical failures, or safety hazards. This is fairly important for buyers of second hand boats, which have advantages such as lower prices and reduced depreciation, although they may have hidden problems.
Buyers should appreciate a survey that allows the identification of potential problems that could very well be identified later in life and may end up costing more than you expect. It’s advisable to have your own survey conducted, as only those you commission by you can be used for any legal claims. Whether for insurance or financing purposes, a survey can provide peace of mind, ensuring that the boat is worth the investment and is safe to operate.
How to Choose a Marine Surveyor
Choosing the right surveyor is important for an accurate valuation of your boat. Here’s what to consider when selecting a marine surveyor.
Marine Surveyor Qualifications and Certifications
Look for a surveyor with the right qualifications and certifications. Reputable marine surveyors are typically accredited by organisations such as:
- The Society of Accredited Marine Surveyors (SAMS)
- The National Association of Marine Surveyors (NAMS)
- The International Institute of Marine Surveying (IIMS)
- The Yacht Designers & Surveyors Association (YDSA)
These certifications ensure the surveyor has undergone the necessary training and follows industry standards.
Researching Potential Marine Surveyors
When searching for a marine surveyor, do thorough research:
- Experience with your boat insurance company: Familiarity with your insurer makes processing smoother, especially if claims need to be filed.
- Look for experience, background and area of expertise: A surveyor who has sufficient experience in the type of boat you are buying-for instance, sailboats or motor yachts, canal boats -is more likely to notice common problems associated with the type of vessel your purchasing.
- Qualifications and accredited marine surveyors: Verify their credentials and accreditations to ensure they meet industry standards.
- Read reviews and testimonials: A quick search online should turn up some reviews, but it’s also quite effective to ask for references from past clients.
- Ask for sample reports: It will give you some insight into how thorough and clear their work is.
Questions to Ask a Potential Boat Surveyor
Before hiring a marine surveyor, ask these key questions:
- What is your experience with boats like mine?
- Are you accredited by a professional body?
- What will the survey cover, and how long will it take?
- Have you worked with my boat insurance company before?
- Can I attend the survey?
- What specific issues do you typically look for when surveying a boat?
- What are your fees, and what additional costs should I expect?
- Can you provide sample reports from previous surveys?
- What is the turnaround time on receiving the survey report?
- Can you provide your insurance certificate to confirm that you have Professional Indemnity Insurance?
- What support will you give me after producing the report? Eg assist with estimating remedial work, overseeing work being done, help explain any issues
Understanding Boat Survey Costs
The cost of a boat survey may vary depending on a number of factors. Knowing what these may be assists in appropriate budget planning.
Factors Affecting Boat Survey Costs or Duration
There are a number of factors that can impact the cost and duration of a vessel survey including:
- Boat size and type: Larger or complicated vessels take more time and/or require more specialised expertise and therefore may be more expensive to survey.
- Boat Age and Condition: The longer the time it has been around, or in bad condition, the longer the survey could take because many areas will have to be checked. Inversely, well-maintained boats tend to smooth the process along and make it shorter.
- Location and accessibility: Prices vary depending on the region or where the vessel is located. Travel fees can be added if the surveyor has to travel a long distance. A speedy and proper inspection depends on access to all areas of the boat, especially the engine compartment. Poor access presents problems and can increase the time it takes to conduct the survey.
- Type of survey: A pre-purchase survey will be the most comprehensive, and hence the most expensive, type of survey as opposed to an insurance or damage survey.
- External Factors: A host of external factors such as proximity of the slipway and availability may drastically alter the duration of the survey. Furthermore, the preparation of the boat, including fuel levels and clean/dirty hull; there is a great deal of difference in the time taken by a dirty hull to be manoeuvred to the slipway as opposed to a clean hull.
- Additional tests: Some surveys will require additional tests, such as moisture readings or engine diagnosis, which is going to increase the cost.
Getting the Best Value for money
For value for money on your survey:
- Get more than one quote: Just like with any other service, shop around for the better price and service from a selection of surveyors.
- Avoid low-cost options: A bargain surveyor may miss critical issues, leading to expensive problems down the line.
- Define the scope: Know what’s covered by the survey, and don’t hesitate to ask if tests are recommended for your style of boat.
The Boat Survey Process
Understanding what is involved in a boat survey helps you prepare and educates you on what to expect from the inspection.
Preparing for the boat survey
As a buyer, taking these steps can help ensure you get the most out of the survey:
- Confirm the Boat is Ready: Coordinate with the seller to ensure the boat is clean, accessible, and ready for a thorough inspection.
- Review Maintenance Records and Documentation: Request maintenance logs, previous survey reports, and any relevant paperwork. Reviewing these documents with the surveyor can help you gain a comprehensive understanding of the boat’s condition and history.
- Arrange for a Haul-Out: All Promarine pre-purchase surveys require the boat to be inspected out of the water. Coordinate with the seller or marina to schedule this in advance to ensure the surveyor has full access to assess the hull and other underwater features thoroughly.
What to expect during the boat survey
During the survey, the surveyor will conduct a detailed inspection of the boat, including:
- Hull and structure: searching for damage, cracks, or osmosis.
- Electrical and mechanical systems: testing the engine of the boat, its wiring, and its battery systems.
- Safety equipment: checking that the life-saving equipment in the boat, such as fire extinguishers and life jackets, are to code.
- Sea trial: In the case of a pre-purchase survey, the surveyor will be taking the boat out to conduct a sea trial to check the boat’s operation on the water.
Post-Survey Steps
There are significant steps to undertake once the survey is complete in order to finalise the process
Interpreting the boat survey report
After the survey, you will be given a comprehensive report about the findings. Here’s how you interpret it:
- Focus on the main issues: Pay close attention to major problems or suggested repairs.
- Get estimates: If the survey uncovers problems, get cost estimates so you understand how much money may be involved.
- Explain anything that you do not understand: If there is anything in the report you do not understand or some technical expressions, do not be afraid to ask the surveyor to explain further.
Using the boat survey for insurance and financing
A survey report is often required by insurance companies or lenders to finalise the purchase:
- Insurance: Most insurers require a recent survey to assess the boat’s risk and set the appropriate coverage level.
- Financing: Lenders may use the survey report to approve a marine mortgage, ensuring the boat’s value aligns with the loan amount.
By following these steps, you will be really well-prepared to determine the proper marine surveyor and subsequently conduct the process of the boat survey with confidence, such that your purchase or ownership of a boat is done in a smooth and well-informed manner.