RECOMMENDED SURVEY REPORT
CONTENT
SAMS® International Office
7855 Argyle Forest Blvd., Suite 203, Jacksonville, Florida 32244-5730 (800) 344-9077 (904) 384-1494 Fax (904) 388-3958
www.marinesurvey.org
Yacht & Small Craft
Copyright 1997 - Society of Accredited Marine Surveyors ® , Inc.
Revised: 0 2 /5/2019
SOCIETY OF ACCREDITED MARINE SURVEYORS
®RECOMMENDED SURVEY REPORT CONTENT
PURPOSE
The Society of Accredited Marine Surveyors® resolved that the written survey report is the work product of the physical inspection and should include specific content.
The “Recommended Survey Report Content” is the product of a consensus of member surveyors. It is intended to be used as a guide to aid member surveyors in conducting marine surveys of Recreational Yacht and Small Craft - Condition and Valuation Survey Reports. The “Recommended Survey Report Content” is advisory and entirely voluntary. The “Recommended Survey Report Content” should be used as a minimum benchmark for identifying a specific level of professional expertise, knowledge and substance but is not intended to preclude increased accomplishment.
The “Recommended Survey Report Content” is subject to periodic review and users are cautioned to obtain the latest revision.
PREAMBLE
A surveyor should be expected to exercise all due diligence in the conduct of the survey and in the writing of the written report. A surveyor should not report as fact anything that he or she has not witnessed, checked or examined personally without reporting the source of the information. No surveyor should report any information regarding the condition of the vessel or any of its components, fixtures or furnishings that was received from the owner, broker, captain, crew or any other individual, without reporting the source of this information and stating that it has, or has not, been confirmed. Survey reports should be completed in a reasonable time frame upon completion of the survey.
DISCLOSURE
Prior to accepting an assignment, and if discovered at any time during the
assignment, a surveyor must disclose to the client and in the report any services regarding the subject vessel performed by the surveyor within the prior three years, as a surveyor or in any other capacity.
SURVEY REPORT CONTENT RECOMMENDATIONS
Scope: The report should contain a "Scope of Survey" statement that clearly outlines how the survey was conducted and what was and what was not done at the time of the survey. The "Scope of Survey" should include a description of the method of examination, areas accessed and systems operated.
Equipment for use or operation of the vessel required by regulation (CFR, FCC, EPA, State or Provincial Statute, etc.) should be listed in the report. Deficiencies in inventory or systems and required systems not observed in operation should be specifically noted in the report.
The report should contain a statement describing which voluntary standards, if any, were used in reporting the surveyor's findings (ABYC, ISO, NFPA, ABS, etc.).
Vessel Data: The report should contain accurate basic vessel information to positively identify the subject vessel, such as:
- Name of the Vessel.
- Name of the current owner of the vessel (If Known) - Kind of Vessel.
- Hull Identification Number (HIN).
- Vessel Model.
- Model Year and/or Year of Manufacture.
- Official Number (Documentation/Or State Registration Number) (indicate location labeled on vessel)
- Principal Dimensions (LOA, LWL, Beam, Draft, Displacement, etc.).
- Builder and/or Where Built.
- Photograph of the Vessel.
- Any applicable documents such as COD, COI, Stability letter, Liferaft inspection, etc.
Purpose: The report should contain basic details about the survey inspection and the parties involved:
- Purpose of the Survey. (Voyage Preparation, Pre-Purchase Evaluation, Insurance Underwriting, Financial Evaluation, etc.)
- Name of the Party the survey was conducted for.
- Name of the Party Requesting the Survey.
- Date of the Survey Report.
- Date of the Survey Inspection.
- Location where the survey inspection was conducted. (Name and Location of Boatyard, Marina, Residence, etc.)
- How the vessel was observed. (In or Out of the Water - On Trailer or Blocked Underway, Weather Conditions, Rain, Fog, Snow, Freezing, etc.)
- Parties present at the time of the inspection.
Identification: The survey report should include identification and/or serial numbers of the vessel and the vessel's major components (engines, generators, electronics, etc.) if they are accessible and readable. The accuracy of these numbers should be emphasized. A hull rubbing or photograph of the vessel's HIN should be included when possible.
Through Hull Fittings: The report should include a statement on the type and condition of "below the waterline, or below the maximum heeled waterline” through- hull fittings.
Systems: The condition of each system should be sufficiently detailed in the report.
Pertinent information should be included regarding condition, appearance,
maintenance, operation, and if observed functioning, or not. A recommended list is attached as an addendum to this document (see attached Addendum).
Other independent inspections and/or surveys conducted in conjunction with the survey should be listed. (engine, electrical, air handling, ultrasonic gauging, rigging, etc.)
Findings: The survey report should contain the findings, remarks and recommendations of the surveyor concerning:
- Systems and/or equipment that fail to comply with applicable regulations or statutes in effect at the time of the survey inspection.
- Non-regulatory or recommended standards deficiencies (ABYC, NFPA, ISO, Etc.) observed during the survey inspection. In cases where deviations are functional, a surveyor's opinion should be included.
- Equipment the surveyor feels should be added or upgraded for safe and/or convenient operation of the vessel based on a stated or intended use.
Photos: The report should include photos of the vessel which show deviations from the standards or norm, damage to the vessel and/or unique or expensive equipment incongruent to the vessel.
Safety Equipment: The report should address Required or Recommended Safety Equipment:
- Personal Flotation Devices (PFD's), Number, Size and Type - Throwable Device(s), Number and Type
- Life Rafts and/or Floats, Capacity and Certification Dates - EPIRBs (registration and battery expiration dates)
- Visual Distress Signals (Number, Type and Expiration Date) - Other Survival Equipment
- Firefighting equipment (Fixed, Portable, Number Type)
- Vapor Detector(s) (Gasoline, Propane, Carbon Monoxide, Smoke, etc.) - Railings, Life Lines and Harnesses
- Navigational Lighting
- Sound Signals (Bell, Horn, Whistle, etc.) - Navigation Rules
Summary: The report should include a summary which includes the surveyor's opinions as to the vessel's maintenance, evidence of previous damage or submersion, and/or quality of repairs.
Valuation: The report should contain a Current Market Value or Fair Market Value and an Estimated Replacement Value for the vessel. If removable items such as bunkers, stores, fishing equipment, consumables, personal property, etc. are valued, these items may be listed separately. A statement of the method used, showing the calculation as to how the valuation was determined should be included. The amounts and currency standard should be clearly stated.
The valuation section of the report should contain sufficient information showing the sources of the information used to develop the surveyor’s opinion of the value of the vessel. This should include a summary of the comparable vessel sales and book values relied upon.
The following is one example of what a valuation section might look like.
Valuation:
The Comparable Vessel Calculation is the most probable price in terms of money which a vessel should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and each is acting in what they consider their own best interest;
c. A reasonable time is allowed for exposure in the open market;
d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
e. The price represents a normal consideration for the vessel sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
The Boat Value Guide Comparison Calculation is an average of the Low and High values in each of the published current year value guides where the subject vessel is listed. BUC, ABOS, NADA and Kelly Blue book values may be considered. The Value Guides have a "condition" factor imbedded in their values. The condition used
in the guides should be indicated ("BUC CONDITION" per BUC definition etc.) Five comparable '06-'07 Jeanneau 45's (not including the subject vessel) were found listed on brokerage websites; YachtWorld.com, AllBoatListings.com,
Sailboatlistings.com, SailingTexas.com, Boats.com and Boatparadise.com, etc. as well as various FSBO sites. The average asking price of these five comparable
vessels was $220,950 with an adjusted price of $202,525. Soldboats.com listed seven '06-'07 Jeanneau 45's sold from Oct '12 - Sep. '14. The average asking price of these seven vessels was $243,429 and the average sold price reported was $223,129.
(Which is 92% of the average asking price and how the "adjusted" price was calculated for the currently listed boats.) BUCValuPro.com places a 2015 Retail Range on a Great Lakes vessel in "BUC Condition" between $195,500 to $215,000 with the average being $205,250. Neither the 2015 NADA Value Guide nor the ABOS Marine Blue Book listed this vessel.
Valuation Summary: The highest actual sales of comparable Jeanneau 45's were
$268,000 & 242,900 for vessels sold in '12 & '14, in the states of Washington and California. The average actual sale price for the vessels was $214,000. "Subject Vessel" was located in the SoldBoat.com data as being listed at $247,500 in Sept.
2012 and sold for $218,000 in May 2013 by Local Marine. Compared to many of the vessel's sister ships, the vessel fares well when it comes to equipment but has a more limited sail inventory. The advantage "Subject Vessel" has is that it was a freshwater vessel and has a bow thruster. The actual sales data for freshwater boats enjoys a slightly higher average retail value than saltwater vessels. Legal and Safety Deficiencies notwithstanding, the list of deficiencies is relatively minor and all structural elements are solid. Considering the overall condition and weighing the actual sales data and current listings data, the valuation of "Subject Vessel" is placed at the mid-range of the market values.
Comparable Approach:
Comparable Adjusted Listings Values, Average $ 202,525 Soldboats.com data sold price, Average $ 223,129 BUCValuePro.com, Average $ 205,250 Comparable Approach Average: $ 210,301
Therefore, after consideration of the reliability of the data, the extent of the necessary adjustments and the "as is, where is" condition of the vessel, its equipment as
surveyed, it is your surveyor's opinion that the ''MARKET VALUE'' of the subject vessel & equipment is:_____________
Format: The survey report should be written in simple, concise language and should avoid subjective words (poor, fair, average, good, excellent, etc.) that can be open to interpretation. Descriptive words (functional, serviceable, operational, etc.) should be used along with descriptive details of the condition of systems sufficient to
describe the observed condition should be included in the report. Check lists that are simple inventories with one word descriptions should be avoided.
The survey report should be formatted for standard letter size (8 1/2" X 11") paper.
The attending surveyor should sign and date the survey report.
The report pages should be numbered as: Page "#" of "# pages" (e.g., 1 of 16, 2 of 16, etc.).
Certification: The report should include a certification statement by the surveyor similar to:
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the vessel that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. I have made a personal inspection of the vessel that is the subject of this report.
This report should be considered as an entire document. No single section is meant to be used except as part of the whole.
This report is submitted without prejudice and for the benefit of whom it may
concern. This report does not constitute a warranty, either expressed, or implied, nor does it warrant the future condition of the vessel. It is a statement of the condition of the vessel at the time of survey only.
ATTENDING SURVEYOR:
Date:
This is the end of the basic minimum content recommendations.
Addendum addressing systems to follow.
ADDENDUM
INTRODUCTION Based on the common systems and components of the typical Yacht and Small Craft in service at the time of this writing. The following is a suggested list of systems and components to be addressed in a marine survey report. This list is in no way intended to be complete and/or to apply to every vessel, and is intended to be a general guide for individual surveyors to consider when completing the written report. If the following items apply to the subject vessel, a statement to the general condition and serviceability should be included.
HULL COMPOSITION AND STRUCTURE - Hull Material
- Frames
- Fastenings (for wooden vessels - pulled or not) - Decking
- Superstructure
- Bulkheads and Ceilings - Ballast
PROPULSION MACHINERY
- Main Engine(s), Model and Serial Number(s) - Fuel Type
- Rated Horsepower
- Age of Unit, Last Over-Haul and/or Hours of Operation - Reduction Gear and Attached Units
- Engine Cooling System - Engine Exhaust System
- Engine Compartment Ventilation and Blower(s) - Shaft Material (If Known) and Size
- Shaft Seals and Bearing(s)
- Propeller(s), Material (If Known), Size, Pitch and Number of Blades - Steering System, Type and Number of Stations
- Rudder(s)
TANKAGE AND PIPING
- Fuel, Water, Cooking Fuel and Waste Systems - Material
- Location - Capacity - Installation
- Marine Sanitation Device (MSD) System Compliance - Fuel System Compliance
- Through-hull Fittings adjacent to and below the waterline
RIGGING
- Mast(s), and Spars, Number and Material - Standing Rigging, Type and Material
- Mast Support, Step, Partners and Chain Plates - Running Rigging, Type and Material
- Winches, Make, Number and Size
- Sail Inventory, Type, Size and Material (If sail material can be identified)
ELECTRICAL SYSTEMS
- D/C & A/C Systems and Voltages
- Storage Batteries, Number, Type and Size
- Battery Stowage Method, Fastenings and Ventilation - Wiring System
- Power Distribution System - Circuit Protection Devices
- Auxiliary Electrical Generation System(s) - Make and Model
- Voltage and Capacity - Type of Fuel
- Hours of operation - Motor Exhaust System
- Battery Charging System (Charger, Inverter, Alternator, Solar, etc.) - Electrical Monitoring System
- Cathodic Protection (Cathode Monitor, Zinc Anodes, etc.) - Bonding Systems (Electrical, Galvanic, Fuel System, etc.) - Lightning Protection Systems
ELECTRONIC NAVIGATION EQUIPMENT
- Compass(s), Communications System(s), Radar, Fathometer(s), Knot meter, GPS, AIS, Autopilot, etc.
- Applicable Licenses for Transmitters/Transceivers
FIRE EXTINGUISHING SYSTEMS
- Fixed systems & Portable extinguishers: Type, Size and Location of Units - Pumps and hoses
- Unit Inspection Certificates
- Regulatory and Standard Compliance
LIFE SAVING EQUIPMENT AND SYSTEMS - PFDs: Number type and size
- Throwable devices
- Life rafts: Type, size, stowage, inspection dates - EPIRBs: Type registration dates battery dates
- Distress Flares: Type, number, expiration dates
DINGHIES AND TENDERS
- Manufacturer, Model Designation and Model Year - Hull Identification Number (HIN)
- Registration Number - Model Name or Number - Propulsion System
- Model and Serial Numbers - Rated Horsepower
- Safety Equipment, Type and Condition
GROUND TACKLE - Anchor(s), Size and Type - Chain and Line, Size and Type - Windlass
DEWATERING SYSTEMS - Pumps, Quantity and Type - High Water, Bilge Alarms
SHIPBOARD AMENITIES - Interior Description
- Heads, Quantity and Type - Showers, Quantity and Type
- Cooking Facilities, Type and Energy Source - Heating and Air Conditioning Systems
MISCELLANEOUS
- Licenses and Documentation/Registration Certificates - Placards, Regulatory and Instructional
- Canvas and Covers
- Recreational Equipment (Rod Holders, Outriggers, etc.)
- Trailer, Make, Model and Vehicle Identification Number (VIN)
