An Appraisal Inspection is a concise evaluation to determine a vessel's fair market value for various purposes, including:
This inspection is less comprehensive than a Condition and Value (C&V) survey, focusing on the surveyor's overall impression of the vessel's condition. The written report will include:
The Appraisal Inspection provides a brief, yet informative assessment of a vessel's value, suitable for situations where a detailed C&V survey is not required.
4. Damage Survey: Assessing Vessel Damage and Repair
A Damage Survey determines the extent of damage to a vessel after an accident, including:
When filing a damage claim, boat owners should note that the surveyor assigned by the underwriter represents the insurance company's interests, which may not align with their own. Owners have the right to hire an independent surveyor to:
Depending on the policy, underwriters may cover the cost of the independent surveyor, subject to deductibles and claim validity.
Survey Overlap
While we've outlined four basic survey types, there can be overlap between them. For instance, a Condition and Value (C&V) survey's comprehensive inspection can serve multiple purposes, such as:
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