At the time of this publication in early 2014 hundreds of vessels, ranging in size from14’ to 60’, have been surveyed or appraised by Frank Abbey.
Frank Abbey, C M SMarine Surveyor
The purpose of a survey is to determine the condition of a vessel's structure and equipment, and to approximate its value. Most surveysare done for a specific purpose, such as insurance, financing, pre purchase, or are needed as a result of a loss from damage, theft, or accident. As a potential buyer or owner the survey canassist you in determining whether the vessel is in a safe andseaworthy condition. Barring special conditions such as an accidenta survey is often required every 4 to 5 years by insurance companies.Pre Purchase Survey A Pre purchase survey is a (C&V) survey with a complete inspectionof the hull, including the bottom and in most cases should include asea trial. This is the most complete survey and is recommended whenpurchasing a used vessel. The overall condition of the vessel, equipment, and engines will be assessed. This inspection will also determine the fair market value and condition of the vessel. Shipping Container SurveyISO/CSC shipping containers are subjected to rules that indicate a periodic inspection be conducted by a trained inspector. We conduct these inspections routinely.
C&V surveys are usually needed by insurance companiesand financial institutions to determine the condition and valueso that an amount of insurance or financing needed can bedetermined and or the amount of loan which may be available.This type of survey also be used to determine the fair marketvalue of the vessel for Estate purposes or value for a vesselwhich may be donated to a Charitable organization.
A damage survey is most often required by an insurance company after a loss has been incurred due to an accidentor other event. .