See full version: Marine Surveyors
Make sure the report indicates the boat was also inspected for compliance with the current boating safety standards set by the National Fire Protection Association (NFPA.), the American Boat and Yacht Council (ABYC), as well as U.S. Coast Guard standards. more
It’s appropriate to ask the surveyor you select for a copy of a resume, as well as a sample survey of the type that you are requesting.
The National Association of Marine Surveyors (NAMS) and the Society of Accredited Marine Surveyors (SAMS) are professional organizations having rigorous examination programs for their membership. The BoatUS Marine Insurance Program will accept value surveys or pre-purchase surveys from surveyors with a SAMS designation of "AMS" with a specialized classification of "Y-SC" (yacht and small craft) or NAMS designation of "CMS" with a specialized service code of "A" (yacht and small craft). [links]
Some surveyors offer abbreviated one or two page opinions, which they'll often refer to as an insurance inspection. This brief format may not be sufficient for insurance underwriting purposes since it omits the details necessary to accurately analyze the risk. Check with your insurance company to determine what they need. more
When you hire a surveyor, they will provide the condition of the vessel to you, not the boat owner. The survey will include the present state of the vessel from a general examination and is limited to areas of the boat that are accessible for inspection. [links]
Surveyors are not licensed mechanics and what is not inspected by the surveyor are the mechanical items such as the engines, transmissions, stern drives and generator. here
When hiring a surveyor make sure they adhere to the guidelines and standards to one or more of the designations below.
Need help finding a surveyor? Contact Kawartha Quotes and we would be happy to provide a list of local Surveyors that we work with. [links]
The important component to the survey is the moisture meter readings through the hull, decks, superstructure, frames, stringers transom and bulkheads. Because balsa and plywood are often used as the base in these areas its important to determine the condition of the core. This will tell you if there are areas of lamination that could be loose, air voids from time of manufacturing and the amount of moisture retention in the core and/or fiberglass. Most boats have some moisture in certain areas and it needs to be determined if it is at normal or excessive levels for the age of the boat. All of the systems will be checked for operation (not diagnostic), both shore and house electrical systems thoroughly inspected, fuel installations etc. more
Surveys are not just for large boats, or older boats. In our experience, we have seen even small runabouts that have expensive problems with rotted stringers, weak transoms and floor boards, or saturated flotation foam. Even if the boat looks like its in great condition, the survey will point out a lot more then just the cosmetics. The survey will identify the structural condition and will make sure you aware of any problems with the boat before you complete the purchase. [links]
Global Marine highly recommends that owners chose an Agreed Value policy to protect their boat in the event of a loss. However, we do offer some Actual Cash Value policies in certain circumstances. more
A. The majority of boat insurance policies sold by Global Marine Insurance Agency are Agreed Value policies. The other most common option for insurance for boats is an Actual Cash Value Policy. The policies have significant differences.
A. Most policies do cover a wide variety of boating equipment associated with your boat. However, it is important to let your agent know what type of boating equipment you have to make sure it is covered properly.
A. Most boat insurance policies include liability coverage for water sports. Talk with your underwriter to make sure it is in your policy if you plan on using your boat for water skiing, tubing, wakeboarding or other water sports.
For yacht-building contracts, the loan agreement will provide for cash advances to pay for pre-delivery construction milestones. Payments start with a pre-build deposit by the buyer. Installment payments follow as construction progresses through succeeding stages, evidenced by Stage Certificates. Pre-delivery requirements also include assignment of the yacht-building contract. In the case of default, the contract gives the lender the right to have the builder finish construction. Then the lender takes possession of the vessel and sells it. Accordingly, the yacht financing lender releases funds to the yacht builder upon receipt of each Stage Certificate. These must include the counter-signature of an independent surveyor. The yacht-building contract usually contains clauses that specify what happens if default occurs either by the builder or the buyer. here
Yachts must be registered in a country, but not necessarily in the country of the seller or the buyer. Registration is fairly easy as long as the yacht meets certain criteria, such as technical standards and age. This holds especially true in “open registry” countries like Liberia, Panama, Cyprus, and the Bahamas. “Offshore registry” countries are usually colonies or dependencies. For example, there are the Netherland Antilles, Cayman Islands and the Isle of Mann. If the owner is a U.S. citizen, yachts weighing 5 tons or more can be registered at the National Vessel Documentation Center of the U.S. Coast Guard. Coast Guard documentation also offers access to a preferred mortgage that gives the lender certain benefits. However, most U.S. yacht lenders require that financed yachts are documented. more
Private commercial lenders like Assets America ® can arrange yacht financing, as well as banks, credit unions, boat brokers and yacht manufacturers. Typically, the loan agreement takes on a basic asset-financing structure, collateralized by the fully amortizing yacht mortgage and a lien on the yacht, as well as insurances signed over to the lender. In addition, the loan agreement may give the lender a lien on any revenues generated by chartering the yacht. Finally, the lender may require a personal guarantee and/or debenture from the borrower. This gives the lender a lien on the borrower’s other assets. here
When purchasing an existing yacht, borrowers usually take out yacht mortgages on vessels. However, arrangements differ between yacht building contracts and chartered yachts. Other influencing factors include the current and proposed registration jurisdictions, the tax treatment of the yacht, and the owner’s tax status. In conclusion, yacht financing protects the lender from the borrower’s other creditor claims. more
Across the world, the boating market—whether monohull sailboats, catamarans, yachts, or superyachts—is a buyer’s market and should remain that way for the foreseeable future. Because fiberglass and other light, super-durable hybrid materials last so long, the market has become increasingly flooded. Often multimillion-dollar yachts are selling for a fraction of what they were just 7-10 years ago. [links]