Condition & Value Surveys

Also called a Condition and Value (C&V) survey, this is the most common and most comprehensive inspection that a surveyor will conduct. It is specifically designed to meet the needs of insurance companies and lending institutions, which need to evaluate and assess the financial risk involved in insuring or financing the boat. As the name suggests, the express purpose of this inspection is to report on the boat's condition and value at the time of the survey. Generally, a C&V survey will only involve a detailed visual inspection of the boat, unless the insurer or lien-holder requires a sea trial or operational testing. It will evaluate the safety and sea-worthiness of your boat, based on the current condition of its systems, structure and equipment. It will also provide an evaluation of the boat's fair market value. 

A marine insurance survey will generally be required prior to coverage being provided. A similar survey will also be required every four or five years as a pre-requisite for coverage renewal. In the event of an accident, theft or vandalism, a damage survey will be conducted to evaluate the extent and cost of damage to the vessel. 

An insurance survey is typically conducted on your behalf as the boat's owner. As such, you are responsible for commissioning and paying a surveyor to conduct the inspection. 

 

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