An Appraisal Survey is a professional marine inspection conducted to determine the fair market value or replacement value of a vessel. Unlike other types of surveys focused on condition or insurance risk, an appraisal survey’s primary purpose is to provide an accurate and well-documented valuation for financial, legal, or personal use.
Appraisal surveys are often requested by banks, insurance companies, estate executors, tax assessors, and potential buyers or sellers. They can also be useful for owners who wish to establish an up-to-date value for resale, donation, or asset documentation purposes. Financing or refinancing a vessel, Estate settlements or divorce proceedings, Charitable donations or IRS-related valuations. This type of survey does not typically include an operational test or sea trial but instead focuses on factors that directly influence the vessel’s market worth.
- The process typically includes:
- Verification of vessel identification, registration, and documentation
- Visual inspection of hull, deck, and interior condition
- Review of installed systems and onboard equipment
- Inventory and verification of gear, electronics, and accessories
- Research of comparable vessels currently on the market
- Determination of fair market and replacement values
- The resulting report includes photographs, supporting data, and a clearly stated valuation,
- ensuring full transparency.