What is a Condition and Value Survey?
Simply put, a Condition and Value Survey (CVS) is a report which details the current condition of a boat and estimates its value. The surveyor will complete a thorough visual inspection of the boat you intend to purchase. Some non-destructive testing, such as sounding the laminate with a hammer or testing with a moisture meter, may be included. If you want the bottom inspected on boats in the water you will need to arrange for haulout and pay for this before the survey appointment. The surveyor won’t be able to take things apart (destructive testing) because you don’t own the boat.
Sometimes called an insurance survey, appraisal, or CVS, in its simplest terms, is a report on the current condition of a vessel and its current value as judged by area, condition and equipage. It assures the insurance company and financial institution that the vessel meets USCG, NFPA & ABYC safety standards, that it is an acceptable risk.
