What is a marine survey? Do I need to get one?
A marine survey is an evaluation of a vessel, performed by an independent marine survey professional. In general, it is a good idea to have one performed on your intended purchase, especially if it is used. As with a home inspection, it can help uncover potential problems that might not be readily apparent. We require surveys for boat loans over $150,000 for boats that are five model years old or older. We may request a survey in other situations. In cases where we require a survey, we specify a full-hauled survey, which includes an out-of-water inspection. We can provide an 800 number to help you find the nearest surveyor. Insurance companies usually require an insurance or C&V (condition and value) survey, which is a more limited type of survey which, in general, is aimed at assessing fair market value and safety for insurance purposes.
