Generally referred to as an in water 'condition and valuation' survey; this is conducted for the purpose of providing a report for insurance purposes. 

 

The Insurance survey will target those areas of most interest to the insurance underwriter. The most specific items of interest in this survey are;

 

1. Recommendations affecting the safety and seaworthiness of the vessel,

2. The new replacement cost and estimated fair market value of the vessel,

3. The surveyor's opinion as to the vessel suitability for her intended service.

 

A formal valuation accompanies the Insurance Survey report allowing third parties such as insurers or lenders to make an informed decision on risk to their interests.