However, the most important reason to survey your vessel is for the safety of the passengers and crew. This is the most comprehensive type of inspection, and is strongly advised when purchasing a new or used vessel. Condition and overall operation of the vessel should be examined. This inspection is performed so that the insurance company can determine whether or not the vessel is an acceptable risk. They are interested in structural integrity and safety for its intended use.
Most insurance companies require a survey on older boats.
They will also want to know the vessel's fair market value. This inspection is performed to gather enough information to justify or determine the fair market value of the vessel. This is normally needed for financing, estate settlements, donations and legal cases. This is performed to assess the extent of damage, recommend repairs, estimate repair cost, and if requested, possible cause. Preparing for a Marine Survey Time and additional expense can be saved by preparing the vessel for inspection and making her more accessible.