CONDITION & VALUATION SURVEYS
A Condition and Valuation Survey, also known as a C&V Survey, is a thorough and comprehensive survey of a vessel, involving a complete inspection and evaluation of the hull structure, machinery, plumbing, electrical, fuel and rigging systems, lifesaving, firefighting and other safety equipment, plus any other systems and onboard equipment. Depending on the size of the vessel and degree of sophistication, such a survey can take from several to many hours to complete. The survey report contains a detailed description of the boat and equipment, observations about its condition, its fair market and replacement values, and recommendations for any necessary repairs or upgrades. C&V Surveys are normally done at the request of vessel owners, insurance companies or financial institutions.
A professional surveyor will use current marine standards such as: U.S. Coast Guard regulations, the American Boat and Yacht Council (ABYC) standards, the National Fire Protection Association (NFPA) marine standards, various international maritime standards and treaties, and marine classification society standards, as applicable, in carrying out the survey.
To prepare the vessel for survey, all lockers should be cleared of equipment and all access hatches and covers opened. All equipment should be onboard or otherwise readily available for inspection. All paperwork and documentation should also be available, along with any maintenance logs, service invoices, etc. An owner's manual is also very helpful, as it typically contains information on tankage, location of various fittings, system diagrams, etc.
We recommend that the owner attend the survey if at all possible. This will be of benefit to both parties, since the owner can provide information which the surveyor will find helpful, and the surveyor can often enlighten the owner with regard to the condition of his boat, and if problems are discovered, how and where the owner can get help in resolving them.