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R. E. SUMMERS & ASSOCIATES
 

 

WHY A SURVEY?

SURVEYING DUTIES INCLUDE:

  • To provide adequate knowledge of a vessel to the prospective buyer in order to determine whether he or she wishes to proceed with the purchase.
  • To establish the Estimated Fair Market Value.
  • To provide substantial information to lender, facilitating the decision-making process in acceptance of the financial risk.
  • To provide the insurer with pertinent structural and safety features and condition to ensure that the vessel is a sound insurance risk.

CHOOSING A SURVEYOR

In choosing a surveyor, consider the following factors:

  • High ethical standards and an unbiased approach.
  • Trained personnel with an on-going training program.
  • Acceptance by the major lending and insuring institutions in your area.
  • Use of a comprehensive reporting system that is easy to understand and evaluate.

WHEN SHOULD A SURVEY BE CONDUCTED?

  • At the time of purchase of any used vessel
  • At the time of on and off charter
  • At the request of the Financing Company
  • At a minimum of every four to five years
  • At the time of any major damage
  • At the request of the Insuring Company
  • Shortly after any Major Grounding