VESSEL APPRAISALS
In the case of refinancing a boat, or using it to collateralize a loan, the lender will often require an appraisal. The reason is obvious; to ensure that the boat's value is high enough to justify the loan. In another instance, a boat which is part of an estate may need to be appraised in order to settle the estate.
Boats being donated to non-profit institutions need to be appraised to satisfy the IRS. This type of appraisal requires the appraiser to follow specific IRS guidelines, and is best left to professional appraisers who are fully aware of IRS procedures.