survey difference

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meown

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HI can anyone with survey knowledge advise, what is the difference in the following surveys, is there a cost difference?

Insurance survey.
Owners survey.
Buyers survey.
Condition survey.

I would have thought a survey is a survey.

Thanks from a confused lady sailor. :confused:
 
In the absence of another answer.....

I do not know the precise details of each but there is a difference in the content of the surveys and the depth to which they go. There is also a consequential affect on the cost of each.

An example may be that an insurance survey would concentrate on the seaworthyness of the vessel to sustantiate the declared value. A buyer on the otherhand might wish for a "full" survey to additionally assess the precise condition of all equipment and any work needed. Any shortcomimgs can then be the basis of price negotiation. A buyer might like to know of osmosis but an insurance company may not.

I hope this helps.

Maybe someone with more detailed knowledge will answer soon. However a surveyor may be able to give you more information.
 
A survey is a survey.
The different labels relate to why it is needed, i.e. who is insisting on it.
A buyer needs to know everything that is wrong with a vessel, whereas an insurer would only be interested in things that influence the risk or value. A mortgage lender would be mostly interested in the value.
A surveyor can look in great depth testing everything, or just check for likely or obvious problems.
It varies a lot with wood vs GRP vs steel boats.
There are couple of good books, by Thomas Ask and Ian Nicholson. IIRc. Worth a read to get the most out of your surveyor.
 
meown,

Just a little more information that may help.

I recently purchased a yacht and was happy with it's condition and price before purchase. However the insurance company wanted a survey before covering he vessel. I was quoted over £1000 for a full survey but I just wanted something to confirm that the vessel was seaworthy, well equiped, reasonably well care for and generally in good condion with no obvious major defects and that the value declared was reasonable. The survey report was brief, accepted by theunderwriters and cost just £250. So choose the type of survey you require and pay the pappropriae fee. However many surveyors will try to sell you the full monty. If that is what you want - OK but if not go elsewhere.

Again I hope this helps
 
meown said:
HI can anyone with survey knowledge advise, what is the difference in the following surveys, is there a cost difference?

Insurance survey.
Owners survey.
Buyers survey.
Condition survey.

I would have thought a survey is a survey.

Thanks from a confused lady sailor. :confused:
Click to expand...

Perhaps this page could help a bit. http://www.turbolink.co.uk/seasurveys2011/samplesurveys.html
This is the difference from my point of view.
Regards
John
 
Insurance survey: Insurers want to know what they are insuring, also known as a structural survey.Not as detailed as a full condition survey.
Owners survey.: Quick examination of the boat to highlight any problems before the owner puts his boat on the market.
Buyers survey.: Can have the choice of a full condition survey or structural.
Condition survey: As it says, Full condition survey.

Look around before you commit , don't go for the cheapest , you get what you pay for.
 
Ah, the survey: cause of many discussions.

When I bought my boat last year I took advice as to a local but reputable surveyor and then called him, saying that I wanted a survey that would highlight shortcomings and be acceptable for my insurance company. This means that the £300 survey saved me over £1500 on the purchase price (after a few negotiations) and is also the document which the insurance co. accepts.

Worked for me. Call your surveyor and discuss your needs...
 
meown said:
HI can anyone with survey knowledge advise, what is the difference in the following surveys, is there a cost difference?

Insurance survey.
Owners survey.
Buyers survey.
Condition survey.

I would have thought a survey is a survey.

Thanks from a confused lady sailor. :confused:
Click to expand...

Don't know where you dug up that lot from but the YBDSA recognises only two surveys of any relevance to you.

1. Pre-purchase survey: Commissioned by the potential buyer following an accepted offer to buy. Deposit may well have been lodged with completion being subject to satisfactory survey as well as any other specified and agreed conditions such as engine/electrical/electronics inspection and possible sea trial.

2. Insurance survey: Commissioned by the current owner in order to satisfy the requirements of existing, or future insurers.
 
I had an insurance survey last winter, clean bill of health except for no dates on the gas hoses. When discussing surveys in general he said quite openly that reports vary depending on the requirement. He said if the survey he had just done was for a potential purchaser, he could pick enough holes to get the price dropped by at least his fee. Insurers aren't worried about condition of soft furnishings/seat foams for instance but a potential buyer would be made aware of the cost to replace them. All sorts of simple comments can make a difference in value.
 
There are really no hard and fast rules. The IIMS gives a guide to what a survey should consist of, and each insurance company will have a list of items that need to be checked. The client can generally define what he wants. Often the top of the mast and the machinery are not include due to being hard to get at, but the client can choose to define that at an extra cost. The owners and buyers survey are one and the same. Commonly called a prepurchase survey. The survey will have the faults graded into three catogories:
1. Mandarory to the safety
2. Faulty but not mandatory to the safety
3. Cosmetic

The survey could be done in the water or on the hard in which case the definition will be different.
I hope this has not created more questions than answers
 
I'd go with a full survey because you really do need to know what is wrong with the boat otherwise you could have a nasty financial shock. It's not a time to save money, as ever you get what you pay for.
 
As far as I am concerned there are only two types of true survey:-

1. Condition survey - looking at a vessel or part of the vessel for Insurance cover or following damage. The level of attention to detail will be job specific, but with an emphasis on structural and safety related matters. A Valuation may be provided if required. The cost will range form £10-£14 per ft depending on the scope of the survey and location.

2. Pre-Purchase Survey - looking at a vessel for and on behalf of a purchaser so again looking at structural and safety matters, but also looking for osmosis and also checking the systems installed on the vessel and may include a sea trial also. A Valuation may be provided if required. The cost will range from £12-£14 per ft depending on location.

Other types of survey do exist such as Tonnage, MCA Coding and Stability.

Hope this helps.
 
minkysailing said:
As far as I am concerned there are only two types of true survey:-

1. Condition survey - looking at a vessel or part of the vessel for Insurance cover or following damage. The level of attention to detail will be job specific, but with an emphasis on structural and safety related matters. A Valuation may be provided if required. The cost will range form £10-£14 per ft depending on the scope of the survey and location.

2. Pre-Purchase Survey - looking at a vessel for and on behalf of a purchaser so again looking at structural and safety matters, but also looking for osmosis and also checking the systems installed on the vessel and may include a sea trial also. A Valuation may be provided if required. The cost will range from £12-£14 per ft depending on location.

Other types of survey do exist such as Tonnage, MCA Coding and Stability.

Hope this helps.
Click to expand...

I have just dug out a typical quote similar to one I referred to in an earlier post regarding survey costs. I had several surveyors who quoted me the same method of calculating their fees.

"Standard survey fee is L x B x 2.15 = GBP, where length and beam are in feet. The hull and structure only survey is L x B x 2.15 x 0.7"

This meant that for the 42' x14' boat I was buying, the survey cost would have been 42x14x2.15 = £1264 (or £885 for hull & structure only) plus liftout and launch fees.

This seemed a rediculous amount and I declined and went elsewhere.
 
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