Superyacht Surveying

Condition surveys

These surveys are conducted to ascertain the general condition of the vessel.

Pre-purchase survey

The primary objective of the pre-purchase survey is to ascertain the structural integrity of the vessel and assess the condition of any systems on board.

Insurance survey

The primary function of an insurance survey is to ascertain the structural integrity of the vessel and core systems such as mast, sails or engines. In order to give a full evaluation, an out of water survey would be required.

Insurance surveys required periodically by insurers and enables them to have a clear understanding of the asset that is being insured.

Valuation

This type of survey is often part of a pre-purchase agreement or an insurance survey when the vessel may need to be valued.

Survey for finance

Financial institutions that lend funds that are secured on a vessel often require a survey to ascertain the value of the asset. The surveyor is best placed to determine the condition, which is linked to the value.

General condition survey

This type of survey is often referred to as a ‘walk-through’. The objective is to give a general overview of the vessel. These types of surveys are usually required when:

• A buyer is looking at a number of vessels and may not have seen the vessel.
• More information is required in order to make an offer.
• Generally, only obvious defects are identified; only easily accessible areas will be investigated, and this type of survey could be done when the vessel is still on the water.

Hull survey

The hull survey primarily looks at the structure of the vessel. The survey consists of two main areas:

• Fundamental condition of the material of which the hull and superstructure is constructed.
• Inspection of load bearing areas, such as bulkheads, keel, and mast step.

Damage surveys

Incidents such as collisions, grounding, flooding and fire may need to be assessed by a marine surveyor.

Sea trial surveys

These surveys are conducted to assess the vessels performance and the operation of on-board systems.

Transport and shipment surveys

These surveys are carried out when a vessel is to be transported by road or ship. The primary role of the surveyor is to:

• Provide an independent record of the vessel prior to shipping.
• Approve the method of lifting, supporting and securing of the vessel.

Accident investigation surveys

An accident investigation may involve a personal injury case or the death of a person in a marine environment. The role of the surveyor is to detail the incident and any factors that influenced it. In some cases, the surveyor has to simulate the incident or take witness statements. Events are recorded chronologically, thus offering a baseline for the series of events.

The marine surveyor may be asked to comment on factors that caused the accident, but what must be noted is that the surveyor is not there to decide who is right or wrong; they are there only to collate facts.

Charterers’ Surveys

Banks and finance companies are building super and mega-yachts which are then hired out to those who can afford to use them. Those who hire ships are known as charterers. There are a number of different types of charter available to charterers.