Originally Posted by Ann T. Cate
Failing a survey
is when the x, y, z costs to repair exceed the worth of the boat.
I wouldn't think that means a 'failed survey'. What you have described means the boats been 'written off' and the insurance
will pay out the max and not repair it.
There are two types of survey at least in Australia
. One is a 'valuation' survey which gives an indication of what the boat is worth. Club Marine insurance
require these to be done on all steel
boats that are more than 20 years old. He se I recently left them. That same survey will point out any unseaworthy faults. When I had this done last year I was not required to 'rectify' the faults that came up. It was up to me. But, if I have a loss as a result of not rectifying one or more of those faults, then I wouldn't succeed in a claim.
The other type of survey is an assessment survey. Which is commonly used by people purchasing
a boat. The surveyor
should go over it with a fine tooth comb looking for the faults and any thing that will need rectifying. The overall 'value' isn't the point with this one. It's about understanding what's wrong with the boat and what's it going to cost to repair it. The purchaser can then discuss this with the prospective buyer and can lower the price
to cover the faults needing fixing, or can tell them to nick off.
Prior to me purchasing
mine in 2011, I was interested in a boat that the boat broker
claimed had been locked up for many years and as a result had disintegrated from the inside. Looking at he pictures it looked to me like it had been sunk. I wanted to enlist a surveyor
but the broker wouldn't let me, claiming 'it will fail a survey'! I questioned how can any boat 'fail' a survey? It's about knowing what's wrong. He went silent on the phone
and then hung up. Yep! I'd say it had been sunk.