Is a Boat Valuation Survey a good idea
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Cetec Marine Ltd can conduct valuation surveys for boats across the UK. This is typically carried out at the same time as pre-purchase survey or surveys for insurance coverage requirements. Assessment is made according to the age, condition and type of boat. Market patterns are also considered to give a guideline appraisal for the boat in an 'as seen' condition.
Marine valuations are needed for a number of purposes. The most typical being when financial or insurance policy is being arranged, such as divorce settlements or probate.
The following is a listing of the main items inspected during the valuation.
- Sea inlets
- Gas Installation
- Stern gear/propeller
- Fuel Installation
- Cathodic protection
Valuations are an assessment of the market worth of the vessel at that point in time. This is based on the type and condition of the vessel and a willing purchaser and seller. The survey includes a short inspection of the vessel to analyse the general condition. It is then compared with other vessels in similar condition. A monetary value is then specified.
A brief report is generated detailing the process, which is usually all that is required by companies, banks or legal courts.
There are several reasons to hire us for a boat or private yacht appraisal. An insurer will require a valuation as part of a pre-purchase report or for specific insurance coverage. It should be remembered that best value of an object is what someone agrees to pay for it. Consequently, when it comes to a pre-purchase survey, the value of vessel can be affected by the result of the survey.
We subscribe to a database of boats that have been offered by over 2,000 luxury yacht brokers across the world. There are over 500,000 boats listed, including the sale price and appropriate dates. This resource can be effective since we can see how long a boat has been listed on the market, values of similar models as well as current demand for this particular type of boat.