In most cases, a boat inspector Fort Lauderdale is hired by a buyer who wants to be certain that the boat they are considering is a worthy investment. What you may not already know is the fact that boat owners also benefit from the services of a boat surveyor. But when exactly would one require a boat survey done on their own boat? Here are the three main situations.
For insurance
While it is not always required, there are times when insurance companies will require that you provide a current boat survey. This helps them identify problems that your boat already has. By taking note of these issues, the surveyor will be able to calculate premiums based on possible future claims. Other times, the underwriter will ask that the recommended repairs be handled before they clear you to obtain coverage. Some insurers will also ask for periodic surveys which are done every 3 or 5 years. This helps keep tabs on the condition of the boat.
When you need a boat survey for the purpose of insurance, you must get one from a boat inspector Fort Lauderdale that is approved by your preferred insurance company. The last thing you want is to spend money on a boat inspection only for the survey report to be declined.
For lenders
Another situation that may mandate you pay for a boat inspection is when you want to use the boat as collateral for a loan. In this case, a valuation assessment will be done to help determine how much loan you can qualify for. The condition of the boat will help the lender determine how much down payment you should pay as well as the interest rate you will be charged.
To attract buyers
The third reason you may need a survey done is when you are getting ready to sell your boat. As a seller, you can commission a boat survey to be done. Doing so will help you sell the boat faster and also at a higher price. Although the seller’s survey is owned by the seller, it can be shared with a potential buyer to increase interest. However, the survey report has to be current. Buyers are advised against using survey reports that are several months old. They are also advised to get their own boat survey done.
There are many reasons why you may need to hire a boat inspector Fort Lauderdale. The rule of thumb is to ensure you hire the right inspector for the job. If you need a survey for insurance or financing, you must ensure the surveyor you are contacting is approved by the institution you are considering. The surveyor you hire must also have a remarkable track record.
Boat Inspector Fort Lauderdale