VALUATION SURVEY

A marine valuation report provides an informed opinion of a vessel’s market value at the time of inspection. It is commonly required for insurance purposes, pre-purchase negotiations, finance applications, probate matters, and legal proceedings. The report is prepared following a detailed inspection of the vessel and consideration of its age, condition, specification, maintenance history, and current market trends.

The report will typically include, where accessible, the vessel’s principal particulars such as make, model, builder, dimensions, hull identification number, engine details, and year of manufacture. It will also record the vessel’s construction type, onboard systems, navigation equipment, machinery, accommodation layout, and general inventory.

A full pre-purchase survey is recommended as part of the valuation process, to allow the Surveyor to assess the overall condition of the hull, structure, machinery, and fitted equipment, identifying visible defects, signs of wear, corrosion, damage, or poor maintenance that may influence value. Consideration is also given to the vessel’s maintenance history, upgrades, refits, and the standard of workmanship throughout.
 

The valuation itself is based on the Surveyor’s professional judgement, supported by comparable market data, recent sales evidence, vessel specification, and current market conditions within the marine industry. Depending on the purpose of the report, the valuation may include a fair market value, replacement value for insurance purposes, or an estimated forced sale value.

A valuation is based on the condition of the vessel as accessible at the time of inspection. The final report provides owners, buyers, insurers, and finance providers with an independent and professional assessment of the vessel’s approximate worth and overall condition