Condition
Insurance & Financial Compliance for Your Boat
What Is a Condition & Valuation Survey?
A Condition & Valuation Survey is a professional assessment required by insurance companies or financial institutions to determine the current condition, market value, and overall safety of a yacht or boat. Unlike a Pre-Purchase Survey, this inspection is less intensive but focuses on identifying potential hazards, assessing structural integrity, and ensuring compliance with safety standards.
Our expert marine surveyors provide detailed reports that help insurers evaluate the risks of providing coverage, while lenders use this information to determine a vessel’s financial viability.
Why Do You Need a Condition Survey for Your Yacht?
A marine Condition Survey is essential when:
- Your insurance provider requires an updated assessment before renewing or issuing a policy.
- A financial institution requests a valuation for financing, refinancing, or loan approval.
- You need an independent valuation to assess your boat’s market worth.
- You want to ensure your vessel meets safety and compliance standards to prevent accidents or liability issues.
By obtaining a professional Condition & Valuation Report, you gain peace of mind knowing your vessel is properly documented, insurable, and compliant with maritime regulations.
What Does a Condition & Valuation Survey Include?
Our Condition & Valuation Inspection evaluates key structural and operational aspects of your boat, providing a comprehensive overview of its condition. This includes:
- Hull & Structural Integrity – Checking for damage, wear, and overall vessel soundness.
- Deck & Superstructure – Assessing safety, materials, and potential weaknesses.
Mechanical & Electrical Systems – Evaluating engines, generators, batteries, and onboard wiring. - Safety Equipment Compliance – Ensuring all required safety gear is in place and functional.
- Bilges & Pumps – Checking drainage systems and signs of leaks or water ingress.
- Interior & Accommodation – Inspecting living spaces, plumbing, and ventilation.
- Market Valuation Report – Providing an estimated value based on the vessel’s condition and current market trends.
Unlike a Pre-Purchase Survey, a Condition Survey does not include an in-depth system performance test or sea trial but still provides a vital safety and valuation assessment.
When your insurance company or financial institution requests a survey on your vessel, it is usually for the purpose of getting an updated condition and value of your boat.
The information contained in the surveyreport is used in determining the overall risks of providing insurance coverage and provides them with an updatedvalue based on the current condition of the boat.
A condition and value is not as intensive as prepurchase survey with a focus on the overall safety of the vessel and identify hazards to the vessel or the person on board