Before you can insure a boat of a certain length, age, or value some insurance companies will require a marine survey. Many insurers will not cover a used boat that has not been surveyed. If a survey is needed, insurance companies will require the survey to be conducted by a licensed or accredited professional. The survey may be done with the vessel either afloat or ashore, depending on the insurance carrier's requirements and doesn't necessarily require a sea trial or operational testing of all equipment and systems. The information contained in an insurance condition and valuation survey report is not sufficient to make an informed decision regarding the purchase of a vessel.
A prepurchase survey is for when someone is considering buying a vessel. It is a very comprehensive condition and valuation (C&V) survey that often includes operation testing of all systems and equipment, as well as a limited sea trial. The vessel is typically inspected both in and out of the water and its primary purpose is to provide the buyer with the information they need to make an informed purchase. This may also be used to satisfy insurance company and bank loan requirements.
A Look -See is a small opinion-based report that can take the place of the buyer looking at the vessel themselves when the buyer is unable or unwilling to travel to the location of the boat. This does not replace a full prepurchase survey but can help the buyer make an informed decision on whether to pursue the purchase of the vessel. This will make it more convenient and cost effective when the buyer is looking at multiple vessels.
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