This is the most comprehensive type of inspection, and is strongly advised when purchasing a new or used vessel. Condition and overall operation of the vessel should be examined. This includes such items as structural integrity, out of water inspection, sea trial, electrical systems, propulsion system, fuel system , machinery, navigation, and miscelleanous on board systems, cosmetic appearance, electronics, and overall maintenance.
INSURANCE SURVEY
This inspection is performed so that the insurance company can determine whether or not the vessel is an acceptable risk. They are interested in structural integerity and safety for the vessels intended use. Most insurance companies require a survey on older boats. They will also want to know the vessels fair market value.
APPRAISAL INSPECTION
This inspection is performed to gather enough information to justify or
determine fair market value of the vessel. This is normally needed for
financing, estate settlements, donations, and legal cases.
DAMAGE INSPECTION
This is performed to assess the extent of damage, recommend repairs, estimate
repair cost, and if requested, the probable cause.
Courtesy of the Society of Accredited Marine Surveyors