In the last couple of years, the boat market has experienced major fluctuations in both buying trends and values. Many people all over Florida are buying boats mostly to enjoy the convenience of a personal boat. However, whether you are targeting a yacht or a small boat, when buying a used vessel, one thing that remains the same is the need to work with marine surveyors Ft Lauderdale trusts. But why is a pre-purchase marine survey so important?
There have been changes in some insurance company’s requirements before issuing a marine policy. One of those changes is the need for a pre-purchase marine inspection. This type of survey is more important today than ever before. But why is that the case? Why must you work with marine surveyors Ft Lauderdale affirms before buying a used boat?
To determine the value and overall condition
The key reason why you need a pre-purchase boat survey is so as to understand the exact condition of the vessel you are targeting as well as its fair market value. The primary job of a boat surveyor is to inspect every inch of your boat. This is done to determine if there are major issues that ought to be addressed. A sea trial may be done to determine how the vessel performs. At the end of the survey, your surveyor will provide a detailed survey report which includes photos of all the issues that were found.
It is only after a boat survey has been done that a surveyor is able to determine the value of your boat. Information on value is not only important for you during negotiations but also for the insurance companies and lenders.
It is a requirement by insurance companies
As aforementioned, most insurance companies require that you provide a survey report. In most cases, you will be provided with a list of items that have to be addressed in the survey. It is paramount that you find a surveyor that will be approved by your insurance provider. Even where an insurer chooses to send their own surveyors, to ensure you get comprehensive coverage, you should hire your own surveyor for an independent survey.
Get familiar with possible future repair or maintenance concerns
The third reason why you need a pre-purchase survey is so as to know the future maintenance or repair concerns. This information is fundamental during negotiations. If it costs a lot to maintain a vessel or handle certain repairs, you will want to make sure you get the best deal during purchase. A marine surveyor in Ft Lauderdale will help you understand all the maintenance and repair concerns you should be aware of. The surveyor also lets you know if there are major maintenance issues that need to be addressed prior to getting the boat back on the water.
Marine Surveyors Ft Lauderdale