At Oceanic we treat all three of these survey types with equal vigor. All are detailed, in depth surveys with an abundance of photographs, notations and recommendations (where required). The significant difference between them is anchored in the yacht’s ownership at the time of survey, purpose of survey and ownership of the resulting survey report.
The Pre-Purchase Survey is typically commissioned by a prospective purchaser with the current owner only providing access to the yacht and its documents. The report becomes the property of the prospective purchaser. The current owner has no ownership of the report and has no rights to any of the content, unless agreed otherwise between the parties. For an example of a Pre-Purchase Survey click here
The Insurance Survey is typically commissioned by the current owner for the purpose of obtaining or renewing a Yacht Insurance policy. The owner, by necessity, will need to submit the survey report to the insurance company (or companies), even though they do not have any ownership in the report. Under some circumstances, Oceanic may submit the report directly to an insurance company however, ownership of the report still remains solely with the commissioning party. Oceanic Yacht Surveys has been pre-approved as a surveyor by Intact Insurance and for all of the insurance underwriters used by Coast Underwriters, Hub International Insurance Brokers and Pacific Marine Underwriters. Even if your insurance company isn’t mentioned here, they will accept our survey.
The Condition and Valuation Survey is completed to determine the current market value of a yacht in its current condition. This survey is typically commissioned by the owner for various reasons. A Condition and Valuation Survey can be used in place of either a Pre-purchase or an Insurance survey although consideration must be given to the assignment of value to the yacht, in circumstances where that information is not required nor has been requested. For an example of a C&V survey click here
All of these survey types require the yacht to be lifted from the water facilitating a thorough inspection of the hull, underwater appendages and fittings. Although Oceanic can aid in arranging this, the cost, and payment to the respective marina or boatyard, for this service, is the responsibility of the party commissioning the survey. There are instances where having the yacht out of the water is beneficial to or necessary for the remainder of the survey however, there are times when the survey can be completed after the yacht is returned to the water, potentially reducing boatyard fees. An FRP hull where osmosis is present may require the yacht to be placed in the boatyard for a period of time as part of the assessment.
A sea trial is also required, to ascertain the capability of systems under normal operating circumstances. During sea trial, the owner or a representative of the owner must be available and present on the yacht. The party commissioning the survey is responsible for any costs associated with the sea trial.
Survey costs are based on yacht size. While some may relate survey costs to yacht size using Length Overall (LOA) as an indicator, Oceanic ascribes to a more accurate measure of a yacht’s size by relating survey costs to the yacht’s displacement, more specifically, the manufacturer’s specified Dry Displacement.