Captain Rob Cozen
Marine Survey FAQ (Frequently Asked Questions)
WHAT IS A MARINE SURVEY ?
A critical examination or inspection of a marine vessel for
a specific purpose; i.e., insurance, bank financing, pre-purchase
damage, etc.
WHAT IS A CONDITION AND VALUATION SURVEY ?
A "CVS" evaluates the condition of a vessel and
determines its current value. It assures the owner, the insurance
company and financial institution that the vessel meets U. S.
Coast Guard and A.B.Y.C. safety standards and that it is insured
for enough value to replace it if damaged or lost.
WHAT DOES IT MEAN TO YOU?
As a potential buyer, it assists you in determining whether
the vessel is structurally and operationally in safe and seaworthy
condition, whether it is in need of serious repair and in calculating
it's value for financing and insurance purposes. It can also help
you negotiate a more favorable purchase price
WHAT DOES IT MEAN TO THE FINANICIAL INSTITUTION ?
Usually, vessels are financed up to a certain percentage of
their value (normally 80%). The remainder is your down payment.
The CVS establishes the value of your vessel for the financial
institution.
HOW OFTEN IS A SURVEY REQUIRED ?
It depends on the insurance and/or financing company, the
value of the vessel, special circumstances such as collisions
and other damage and its age. For safety consideration, a survey
is recommended every 2-4 years.
HOW MUCH DOES IT COST?
The fee is based on the size of the vessel. This charge covers
only the cost of the basic survey. All other services such as;
steel-hull ultra-sounding and Spectrometric engine fluid analysis,
are available at an additional charge.
HOW LONG DOES IT TAKE ?
The actual survey takes between 3-8 hours depending on size
of the vessel and special circumstances. I can normally perform
the survey within 48-72 hours of initial contact and can have
the finished report ready the next day. FAXED reports to banks
and insurance companies are also available.
CAN YOU BE PRESENT AT THE TIME OF THE SURVEY ?
I encourage and welcome all clients to be present and will
be happy to explain all proceeding during and after the survey
LET A PROFESSIONAL MARINE SURVEY PROTECT YOUR INVESTMENT
Email
us: rcozen@marine-surveyor.com |
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Captain Rob Cozen
Master Marine Surveyor
P.O. Box 220
Somers Point, NJ 08244
Cell: (609) 335-1500
(Outside South Jersey) (800) 64SURVEY - Toll Free!
copyright 1997 - 2000, Captain Rob Cozen,
all rights reserved.