Condition & Value (Insurance and Finance) Surveys

Your insurer or lender may require you to obtain a Condition & Value Survey in order for them to bind or renew coverage, or to close a loan on your vessel.

A Condition & Value Survey is not nearly as detailed as a Pre Purchase Survey: It consists of an inspection and an official document showing the vessel, its numbering (including photos), and compliance with applicable standards, equipment, condition, and fair market value.

Your insurer or lender may require that the Condition & Value Survey inspection include inspection of the underwater areas of the hull and running gear. This will usually require that the vessel be inspected out of the water. The additional expense for the haul out will be your responsibility.

The key to an acceptable Condition & Value Survey is that it contains all of the elements that an insurer or lender requires: It is very important that the identifying information for the vessel, as well as the condition of the vessel be clearly documented so that in the event of a loss, you have proof of the vessel that you have been making interest or premium payments on.

BILL POTTER MARINE SURVEYS ARE GUARANTEED TO BE ACCEPTED; OR YOUR MONEY BACK!