Pre-Purchase Survey
Pre-Purchase SurveyA pre-purchase survey is a survey designed to inspect a vessel for general condition and valuation. This is for the purpose of informing a prospective buyer of the fair market value of the vessel, general condition, and any boating regulatory discrepancies of the vessel.
Arthur H. Terry and Co LLC accomplishes this with a thorough inspection of all accessible areas of the vessel. Sounding and visual inspections of decks, hull, and topsides. All installed equipment will be checked for proper operation as well as all plumbing, piping, electrical tank age, and machinery spaces of the vessel, as well as general construction of the vessel. Arthur H. Terry and Co LLC performs this with reference to USCG standards and regulations, NFPA regulations, and ABYC recommendations. It is not required that the vessel be hauled out for hull inspection, but Arthur H. Terry and Co LLC highly recommends this. Upon haul out of the vessel, all underwater gear will be checked for soundness, as well as a full hull inspection and sounding if needed. We do not perform engine surveys for the main and or auxiliary engines or generators, although we do have associates that can help the buyer with these tasks. Finally a sea trial is performed if the buyer requests it, to check seaworthiness of the vessel and general running condition.
Arthur H. Terry and Co LLC compiles a survey report for the buyer containing detailed specifications of the vessel and all equipment surveyed. This is followed by a list of additional equipment found on the vessel, and a detailed list of " Findings and Recommendations" in accordance with USCG regulations, NFPA regulations, and ABYC recommendations. A " Surveyors Conclusions " completes the report, listing the surveyors general observations of the vessel. Accompanying pictures of the vessel is included all within a portfolio presented to the client. Arthur H. Terry and Co LLC performs its pre-purchase surveys for the prospective buyer or client as contracted only, without prejudice.
Powerboat surveys require special
attention to machinery and equipment along with the normal scope of the survey
inspection. Because of the environment most powerboats are operated in a good
structural inspection is important also. Compare a powerboat to a small city. It
has its own electrical generating plant providing clean electric power
throughout the vessel as it is needed. It has its own water and sewerage
treatment system just like a city's municipal departments. The vessel treats its
own waste water or stores it in a large tank for disposal later, and it can
manufacture fresh water from salt water and store it for later use also. It also
has its own pumping system and water pressure system regulated to provide a
steady flow of water at each outlet. All these system are managed by one person
(Captain/Mayor) managing their upkeep and maintenance. These systems along with
many others are incorporated in an enclosed platform that can travel through the
water at speeds in excess of 30 MPH. An amazing piece of engineering that
requires special attention when surveyed for pre-purchase, valuation, safety or
insurance purposes.
A definition of a sailboat is a "Craft intended to be propelled primarily by some type of wind driven sail apparatus, regardless of size or type of vessel or sail" and there are many sizes and types. Gaff rig, sloop rig, cutter rig, ketch, yawl, and brigantine only to name a few.
Imagine the pressure and forces exerted by the opposition of a 600 square foot sail being pulled by a 10 knot wind and the resistance of a 4,500 pound keel moving through the water at 7 knots. Both trying to pull the sailboat's hull apart in different directions. A good sailboat survey keeps these forces in the forefront of all rigging and hull inspections. Attention to chain plates, mast steps, and keel bolts are some of the many areas requiring special attention when surveying any sailboat. In particular to sailboats we do not inspect any rigging above the standing eye level of the surveyor, nor do we inspect condition of sails. We recommend that a rigger inspect the upper rigging and that a sail maker inspect the sails. Arthur H. Terry and Co LLC takes all of these factors into consideration while providing and in-depth report of these and all vessels systems.
Condition and Valuation surveys otherwise known as the C&V survey are very much
like the pre- purchase survey and are based upon the same guidelines as the
pre-purchase survey. The only difference is the C&V survey usually does not
include a sea trial and at the clients description may not include an out of the
water survey.
Particular to the insurance industry or a valuation for the purpose of donation or taxation, the valuation survey takes into consideration the condition of the vessel and equipment in order to appraise the fair market value of the vessel. Special considerations are taken into account for restoration projects, retrofitted equipment to stock vessels, and vessel that fall under specific categories such as antiques or live-aboards. Consideration must also be taken for area of use, and the market for boats in that area. All these considered with the base fair market values compiled through references such as NADA, BUC and ABOS are how Arthur H. Terry and Co LLC assigns a value to the vessel.
To evaluate damage to
a boat you have to know the ins and outs of how the boat was built. Accident
investigation is much like piecing a puzzle together, working from the resulting
damage of the accident back to the origination of the accident, and then
assigning a cause. Attention to detail and concise detailed reports while
sounding like overused catch phrases, provide clients of Arthur H. Terry
and Co LLC with accurate
information they need. Whether it's for a large insurance or law
firm, or and individual wanting to make sure his investment is repaired
correctly, this type of survey provided by Arthur H. Terry and Co LLC will insure
their clients are expertly informed.