Frequently Asked Questions:
Q - What is a marine survey?
A - If you have purchased a home you have likely had a home inspection done to satisfy a lender or insurance requirements. A marine survey is similar to a home inspection, but it is much more involved as most houses do not have engines, fuel tanks, DC and AC electrical systems, water-cooled air conditioning systems, or underwater machinery, nor are they capable of moving in hostile environments. In summary, a marine survey is a boat inspection. More specifically, it is a very detailed technical inspection and lengthy document that speaks to the condition and value of a boat. The findings of the marine surveyor typically establish whether or not a boat is suitable for its intended service.
Q - Do I need a survey?
A - This is one of the most common questions. While your insurer or lending institution almost certainly will require you to carry out a pre-purchase survey, it’s important to keep in mind the most important reason for performing this vital task is to ensure the vessel is reliable, safe, and identify as many flaws as possible. Another common reason for calling a surveyor is to perform a pre-purchase survey, As a buyer, your primary concern when choosing and using a surveyor should be the safety of your vessel and crew. A survey protects the interests of the buyer.
Q - Why else should I get a survey?
A - Another reason for obtaining a survey should be financial in nature. If there are any problems or deficiencies to be found, the survey is the time to find them, before signing on "the dotted line" and you have forfeited all of your bargaining power in the sales transaction process. A survey can be a tool for negotiating a final purchase price.
Other reasons for conducting a survey include those carried out for the benefit of an insurer, after you already own the vessel, or for damage assessment/repair in the event of a loss. Both of these types of surveys are typically paid for by the insurer. The expense of a pre-purchase survey and all associated expenses with the survey are the responsibility of the buyer.
Q - I am not applying for a loan, should I get my boat surveyed?
A - Virtually every vessel will benefit from a pre-purchase survey, including vessels not requiring a loan or those that will not be insured and even new boats.
When it comes to the value of pre-purchase surveys on all vessels, both used and new, boatbuilders and dealers, even reputable ones, make mistakes, and the pre-purchase survey is the time and place to find them, not after you’ve taken delivery and have no recourse. Getting a survey is always in the best interest of the buyer.
Q - Will the survey report detail the value of my boat?
A- A survey performed by The Boat Guy USA Inc. will also include a professional appraisal using both book values and actual vessel comparable sales. The Boat Guy USA Inc. has access to Sold Boats and Yacht World (similar to an MLS type system that a real estate agent might use). The Boat Guy USA will research asking prices, vessel sale prices, and how long a boat was on the market before it sold. In short, The Boat Guy USA will provide an estimated fair market value of the boat being surveyed.