Boat Valuation Surveys
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- Boat Valuation
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For the boat valuation survey process to be successful, the surveyor should conduct an accurate assessment of the boat to ascertain its precise market value. The market value of a boat usually varies and is generally quoted as per the time of the survey.
Insurance and financial companies typically require boat valuation survey information. Financial companies need this information so that they can determine the amount of money to lend you and insurance companies will require this data before providing insurance cover.
The importance of a boat valuation survey cannot be overlooked. The process is crucial as this helps you identify potential problems before purchase. Consequently, you will get a feel for an understanding of issues that might arise before committing to a purchase.
Cetec Marine Ltd services
Cetec Marine Ltd is a renowned company that performs boat valuation surveys in the UK and beyond its borders. Our exceptional services in conducting accurate boat valuation surveys have gained trust and loyalty with both financial and insurance companies.
You should conduct both the condition survey and the insurance survey to eliminate the constraints of the partial valuation survey process. For this reason, the finance/insurance company should clearly state its requirements to ease the boat valuation process.
What Happens During The Valuation Survey?
A detailed yacht survey explains the condition of the vessel. The report is composed of an analysis of the electrical and mechanical structures of the boat. Additionally, the safety components, underwater structures, and the condition of the engine are analysed and tested. A detailed report of the testing procedure is documented for each part examined, including the results of the tests.
Under the recommendation section of the report, a detailed explanation of what should be rectified immediately before the boat is used, can be found. After receiving this information, you will be able to make a more informed decision on whether to buy the boat or not, allowing for you to be able to negotiate a price with the background information in mind.
Technical Issues and Corrective Actions
In this section, the technical issues of the boat are listed together with their corrective actions. In case a boat requires too many repairs, purchasing it can be considered uneconomical.
Cetec Marine Ltd provides surveys to assess deck and hull components, which are crucial in powerboats and racing yachts. These components usually undergo checks by separate expert engineers.
Boat Survey Examples
In a GRP yacht, for instance, deck and hull mouldings are tested through several techniques to ascertain their mechanical performances. The "Sovereign Quantum" meter is one equipment used to verify the conditions of deck and hull mouldings. Even more, the boat surveyour will take the vessel for a test ride on the water to check the conditions of the engine.
On the water, all the systems of the boat are tested under load conditions. However, if the tests have to be completed ashore, most aspects of the engine can be checked with a hose to simulate the coastal state. In both scenarios, you will be carried by boat along with the broker/seller so that you can receive a first-hand experience of the boat you are about to purchase.