Condition & Value Surveys

Viking Yachts Factory – New Gretna, NJ

HOW WE CALCULATE FAIR MARKET VALUE

Fair Market Value is calculated using figures from Buc Value Pro, ABOS Marine Blue Book, Yacht World’s Soldboats.com, as well as similar boats currently for sale. We then adjust these figures based on the condition of the boat, region of the country (Southeast vs. Northeast for example), engine hours, equipment packages, partial refits, etc. Most insurance companies and financial instituions require a Fair Market Valuation before they will insure or finance a boat. They will also require surveys and re-valuations after a ceratin period of time, typically between 3-5 years.

The C&V Survey

Think of the C&V survey as a slightly abbreviated pre-purchase survey. While the survey principles are the same, most C&V surveys exclude haul-outs and sea trials. This is mostly due to insurance companies and banks not requiring them. Sometimes older boats, or boats that have not been surveyed for a long time, will require a haul-out, but I have yet to hear of a sea trial requirment from a bank or insurance company. Also, the survey is almost always performed on behalf of the boat-owner who already knows how the boat performs.

This doesn’t mean the survey process is any less strict. The last thing a surveyor wants to hear is a boat he performed a C&V survey on starting having issues. So even though it’s a mandatory part of boat ownership for most folks, it’s also a good time for boat owners to get feedback from a fresh set of eyes.

Like a pre-purchase survey, the following systems are inspected and tested:

  • Hull, Deck & Superstructure
  • AC and DC Electrical
  • Fuel System
  • Steering Gear
  • Plumbing & Marine Pumps
  • Deck Level Rigging & Sails
  • Drivetrain & Running Gear
  • Haul-Out & Bottom Inspection (if required)
  • USCG & Safety Gear

Jongert 62' Ketch, "PUFFIN"

“PUFFIN” is an example of a boat that needed to be hauled for her C&V survey. She has a metal bottom, which means potential for corrosion, which means potential for flooding or sinking. In this case, “PUFFIN” was being surveyed prior to being cast as the co-star of the new Gary Oldman movie, “Mary”, set to come out later this year.

Gulf Craft 81', "NEW ISLAND PRINCESS"

Another example of a metal-bottom boat requiring a haul out for C&V purposes. “NEW ISLAND PRINCESS” is South Carolina’s largest head boat and is based out of Murrells Inlet, SC.

Jeff Kibler, SAMS-AMS

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