Pre-Purchase Survey

This is the most common and the most comprehensive survey performed on both new and used vessels. The condition and operation of the vessel will be examined. It covers structural integrity, electrical, propulsion and fuel systems, other machinery, navigation equipment, electronics, miscellaneous on-board systems, appearance, and overall maintenance as well as an out-of-water inspection and a sea trail. This survey identifies any potential issues or areas that may need attention, allowing for informed decisions regarding the value of the vessel.

Condition & Valuation Survey

This survey assists the insurance company in determining if the vessel is an acceptable risk. Most insurance companies are interested in structural integrity and safety issues relative to the vessel’s intended use. They will also want to know the vessel’s fair market value. By conducting this detailed survey, insurance companies can make informed decisions about coverage. It helps them assess the risk associated with insuring a particular vessel and ensures that both the insurance company and the insured have a clear understanding of the vessel’s condition and value. This in turn helps establish fair and appropriate insurance coverage for the owner.

Damage Survey

An insurance company can request a survey to determine the nature, cause, and extent of damage to a vessel. The insurance company may also ask the surveyor to recommend repairs, review estimates, and determine the pre-loss value of a vessel. A vessel owner can retain a surveyor for the same purposes, but on the owner’s behalf. In both cases, the surveyor serves as an impartial expert, providing valuable insights into the condition of the vessel and helping to facilitate resolution of claims or repair processes. The specific duties may vary based on whether they are working on behalf of the insurance company or the vessel owner.

Cargo Theft and Damage Investigations

Insurance companies may request an investigation into the reported theft of, or damage to, equipment and/or cargo. Interviews of the assured and witnesses, if any are the initial steps into a investigation that will typically include coordination with local law enforcement, reviewing records to determine the valuation of the items claimed, and the circumstances surrounding the incident, among other investigative actions.

Marine Investigations will also consider weather, the vessel operator’s skills, and actions taken in the event of a collision or allision. The actions by any other involved vessels will also be addressed.