1 Marine Survey LLC. is a marine survey and consulting firm. We survey vessels of any size and length to determine the condition of the vessel, as seen, and establish a fair market value for the vessel. In establishing a fair market value for a vessel a number of methods, or a combination of methods, are used that result in a comprehensive value.
THESE ARE (but not limited to)
- Printed information such as BUC book, NADA, or Power Boat Guide
- Comparable vessels listed and marketed for sale in the area
- Using internet information such as Sold Boats.Com which provides national listings of recently sold vessels and the actual agreed upon selling price.
- Geographic location
- Condition at the time of survey or after all the needed work is complete.
- We comply with all U.S.P.A.P. and A.S.A. standards.
This type of survey is commonly referred to as a Condition & Valuation or C&V survey. This type of survey is most generally used by prospective buyers and/or insurance companies & lenders for the purpose of writing a policy to insure a vessel or to secure a loan. Additionally, this survey may be divided in two categories.
1) The hull survey which focuses on the structural aspects of the vessel hull.
2) A mechanical or engine survey which focuses on the mechanical aspects of the vessel, such as propulsion machinery, and support equipment.
1 Marine Survey commonly uses an inclusive approach. We have the experience to provide a service which addresses both categories. Should we come upon a situation which may require further investigation, we will make this recommendation to the involved party.
Another survey service that we provide is specifically for insurance underwriters dealing with damage claims that have been incurred. This is a technical service as it may necessitate reconstructing an event to determine its cause. This may require the use of people who specialize in a certain field such as metallurgy, or forensics. The role of the surveyor is to provide the insurance underwriters with critical information that enables them to make decisions with regards to policy limits and coverage. At all times, it is extremely important that surveyors remain objective in our role. Care and diligence must be employed when inspecting any loss and in assembling all information.
The final type of survey may be referred to as a specialized survey. This may be for the purpose of surveying a vessel which may going to be used for ocean cruising often referred to as Blue Water sailing. This would determine if the vessel is properly outfitted with regards to navigation equipment, life saving equipment, and vessel preparedness for any emergency that may arise. A second specialized survey would be to act as the owner’s representative during major refurbishment or during new construction. The surveyor’s role is to oversee different stages of work being performed to ensure all construction standards are being met or exceeded and to provide the owner with pertinent information as it is being gathered. This type of service helps in the area of change orders as well. Vessels may experience problems after they are commissioned, which may have been reduced and/or eliminated if this service were employed.
1 Marine Survey’s philosophy is really quite simple. It is to share the life long experiences and information we have accumulated with the vessel owner and/or the financially involved parties. Our hope is to make the boating community better for everyone.