An Insurance Condition & Value (C&V) Marine Survey is conducted to assess a vessel’s structural integrity, overall condition, safety, and fair market value. These surveys are most commonly requested by insurance companies when issuing a new policy, renewing an existing policy, or evaluating coverage for older vessels.

The purpose of the survey is to provide the underwriter with an independent professional assessment of the vessel’s condition and level of risk relative to its intended use.

For vessels seeking new insurance coverage, particularly older vessels, underwriters often require a haul-out and full inspection of the hull bottom and underwater components, including propulsion and steering systems.

For policy renewals, a water trial and out-of-water inspection are generally not required, and the inspection is typically conducted in the vessel’s slip, at the dock, or on its trailer. However, requirements can vary by carrier, and the requestor should confirm the specific survey requirements with their insurance company prior to scheduling and communicate those requirements to our team.

* Haul-out scheduling and associated costs are the responsibility of the survey requestor.

Scope of Inspection

A Condition & Value survey typically includes evaluation of the vessel’s major structural components and primary operating systems, including:

• Hull structure, deck, and superstructure

• Deck hardware and fittings

• Propulsion machinery and drivetrain components (visual inspection)

• Fuel systems and tanks

• Electrical systems (AC and DC)

• Steering and control systems

• Safety equipment and regulatory compliance items

• General vessel condition and maintenance level

Survey Report

Following completion of the inspection, clients typically receive a professional Marine Survey Report within approximately three (3) business days.

The report provides a clear, structured assessment of the vessel and organizes findings into three primary categories:

• Safety & Compliance – Items affecting vessel safety or compliance with recognized marine standards and regulations.

• Relevant Items Requiring Attention – Deficiencies or maintenance concerns that may affect reliability, longevity, or value.

• Surveyor Observations – Noteworthy conditions observed during the inspection that may be useful to the owner or underwriter but may not require immediate corrective action.

Each finding includes a clear and concise recommendation for resolution, allowing vessel owners, insurers, and lenders to quickly understand the significance of each item and the appropriate corrective action.

The report also includes an estimate of Fair Market Value and is formatted to meet the documentation requirements commonly requested by marine insurance underwriters. In many cases, it may also satisfy the appraisal requirements of financial institutions for vessel financing.