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.
The priority of a Bill Potter Marine Surveys Condition and Value Survey is SAFETY. Bill Potter does not perform "routine surveys". The Marine Survey is an opportunity to verify that conditions do not exist that create a safety concern: FIRE, EXPLOSION, HIGH WATER/ FLOODING, ELECTROCUTION, LOSS OF CONTROL/ STEERING, BASIC STRUCTURES AND SAFETY. Verification of accessible/ legible hull identification numbers, and engine serial numbers, along with the documentation of the apparent condition of the vessel are also noted, and included in the survey report.
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 is not included in the price of the survey. It is important to know if an "out of water" survey inspection is required, before the survey inspection is scheduled.
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 (with photos embedded in the report) so that in the event of a loss, you have proof of the condition of your vessel. Bill Potter Marine Surveys Condition and Value Survey reports are simple and easy to read and understand, with no fancy words or boilerplate.
Bill Potter Marine Surveys reports quickly give the insurance underwriter or lender the information they need.