Valuation Surveys
At Killybegs Marine Surveyors, we provide comprehensive and independent valuation surveys for all kinds of vessels right across the marine industry.
Marine vessel valuation surveys are often required for the courts to ascertain the value of the vessel for marine mortgages, yacht purchase, revaluing after a major refit, insurance purposes, and divorce proceedings. A valuation will consider the current market condition, general vessel condition, location, age, engine use, quality of build, inventory of installed equipment, and the selling price of similar vessels. We provide a comprehensive, written, independent market valuation statement and reports after the survey is completed on the boat.
Insurance valuations should reflect the replacement cost of the vessel in the event of a total loss. If the boat is in above average condition or has above average equipment fitted then this value can be higher than then selling price for similar vessels. Valuation surveys for marine mortgages are focused on the resale value of the boat under current market conditions. The value is used by the lender when assessing their security on the loan.
No matter the vessel type or the reason for the valuation, you can trust Killybegs Marine Surveyors to provide a professional and independent market valuation survey.
Valuation Surveys FAQs
What is a valuation survey?
A marine valuation survey is an assessment of the value of a vessel compared to similar vessels for sale on the current market. Valuation surveys are required for a number of reasons including marine mortgagees, marine insurance, vessel purchases, revaluing, and divorce proceedings.
Why do I need a valuation survey?
Lenders will require a valuation survey to determine the secure on the loan. Insurance companies will require a valuation survey to determine how much compensation may be owed following a total loss. They can also be used to determine if you are getting a fair price for a particular boat and provide an independent analysis of the marine market.
How much does a valuation survey cost?
The cost of valuation surveys will vary depending on a number of changing factors like the size and location of the ship. For more information and pricing details please contact Noel and Killybegs Marine Surveyors directly.