It is extremely easy for the purchaser to become so enamored with the vessel of choice that serious defects are overlooked. Condition and overall operation of the vessel will be examined, including structural integrity., electrical and mechanical systems, fuel system, plumbing, thru hull fittings, equipment, cosmetic appearance and general condition. All deficiencies will be noted and a fair market value will be established for this vessel. This professional advise will give you, the purchaser, a basis for making your decision and negotiating your purchase agreement. This inspection determines whether or not the vessel is an acceptable insurance risk.
Insurers are interested in structural integrity and safety of intended use.
Most insurers will require periodic surveys on older boats. They also want to know the fair market value of the vessel for insurance coverage. The survey will include a list of specific recommendations to ensure that the vessel is in compliance with regulations and meets safe operating standards. Just as lenders require a professional real estate appraisal prior to making a loan, they increasingly request a marine survey to establish value of a vessel before lending money for its purchase. An appraisal inspecting includes much of the same information found in an insurance survey.