A Pre-purchase survey is the most comprehensive type of survey. This survey is carried out on behalf of a potential buyer when purchasing a vessel, usually following the deposit having been paid.
It will be of great interest to the purchaser to be informed in detail of the condition of their new proposed acquisition.
The primary objective of a Pre-purchase survey is for the buyer to be confident with their new purchase, knowing that there are no significant hidden defects, which, in turn, could avoid future major costs.
An Insurance survey concentrates on reports written for marine insurance companies when a vessel's insurance is due for renewal.
Cottrell Marine Surveys Insurance surveys can help the underwriter’s & insurers understand the condition of the yacht albeit not as comprehensive as a Pre-purchase survey.
This type of survey is more concerned on the through hull fittings, fuel and gas installations, fixed safety appliances and the indication that the owner of the vessel being surveyed is making a conscious effort to maintain to a reasonable condition.
MARINE FINANCE SURVEY
When a financial institution intends to lend money against the security of a yacht, they often need independent verification that the vessel is in a reasonable condition to justify the amount of the loan.
These surveys primarily are written to report to the finance organisation on the value of the vessel which is being loaned against.
A Damage survey is carried out to report the extent, nature and often the cause of damage to a vessel after an incident.
It is of utmost importance that the extent of the damage is reported as soon as possible after the marine incident took place.
The reasoning for this is before any settlement of an insurance company or third party can be issued, the insurers need to formally ascertain the vessel's damage.
An owner would be vigilant to contract the services of Cottrell Marine Surveys to report on their behalf. Marine insurance companies often instruct their own surveyors to report on the marine damage.
REPAIR & REFIT MANAGEMENT
Whilst a yacht is being repaired or undergoing a refit there are key stages when Cottrell Marine Surveys should attend.
This would ensure that any system installation & quality of workmanship is being carried out in a professional and orderly fashion.
Most importantly, our involvement can be to report that all the works are being carried out on schedule whilst sticking closely to the forecasted budget.
A Yacht Valuation is a statement of opinion by Cottrell Marine Surveys that the craft is worth a particular amount.
This is an examination of the Yacht or small craft which includes certain factors to ascertain the current market value.
Factors which are incorporated in the valuation are; Condition & Defects, Supply & Demand and General market conditions.
A Yacht's valuation can be included into a Pre-purchase survey and insurance surveys if requested.
MCA CODE OF PRACTICE COMPLIANCE
Many vessels from Ferries to Superyachts which are licensed to carry passengers / guests are required to conform to certain compliance and to carry an 'in date' certificate onboard.
This is an annual survey which is a maritime legal requirement for MCA Coded vessels.
Some Vessels are subject to more comprehensive classification surveys including a 5 year survey.