Valuation Surveys may be required for a variety of purposes. Insurers will often require a valuation before new cover terms are offered. However, in this scenario it is more usual for a valuation to form a part of a Condition Survey, whereas a valuation survey in isolation may be appropriate if an increase to the insured value of a boat with an existing policy is being sought. Valuations are often requested as part of asset evaluation for the accounts of companies, by executors administering the estate of a decided owner, by domestic couples who are divorcing or separating or where an abandoned craft is to be disposed of.

The value of a boat is assessed as an open market value, in a willing buyer and willing seller basis and on an ‘as seen and as lying’ basis.

In order that the full value of the valuation survey can be realised this type of survey should rarely be carried out if the craft has not been placed out of the water and ideally only when the below water areas have been cleaned back.

A number of methods of assessing the craft structure are employed and include, on metal craft, non destructive thickness detection which is carried out using an Ultrasonic thickness testing device.

After the survey has been carried out a detailed written report is provided with a list of recommendations and a suggested time scale by which completion of the rectification work should have been concluded.

If required, and as an additional component, an estimated market value of the craft can be provided as part of the pre purchase report document.