Other Survey Types
Pre-Survey Inspection
This is an overall inspection of the yacht in order to determine if it's worth pursuing having a survey done. This is ideal for those buyers who are unable to visit the yacht themselves for reasons such as they live too far away or even live abroad. Essentially, the surveyor becomes the buyer's eyes and will state if there are any major issues that would prevent continuing with the purchase process. This is not a condition survey, but it will give any buyer enough information to decide if they wish to pursue the purchase.
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This was very popular during the time of the pandemic, when pleasure visits to yachts and boats was prohibited. This will consist of a walk around inspection of the whole yacht and looking for any major issues such as structural damage, major leaks, very old rigs and engines in exceptionally poor condition. In other words, the type of problem that would immediately make any purchaser walk away.
Valuation Survey
Sometimes, an insurance company or a finance house will want a valuation survey of a yacht in order to determine its current value. From an insurance perspective, this is so the yacht is correctly insured and from a finance perspective, this is to ensure the yacht is worth the amount of money being borrowed, as the money is loaned against the yacht as an asset.
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This is also a walk around inspection of the yacht, as well as checking the various documents involved, particularly if it is a finance based valuation. Some valuation surveys are requested during the term of the finance agreement to ensure the yacht still is in the agreed condition and no mishaps have occurred.
Pre-delivery Inspection (PDI)
This is for brand new yachts prior to being handed over to their first owner. Just because it is brand new doesn't mean there can't still be issues lurking. A PDI survey checks the entire yacht looking for cosmetic, structural and installation issues as well as testing all systems to ensure they operate correctly. This is usually done in conjunction with the broker / dealer and gives the buyer a 'second pair of eyes' to ensure what they're buying is as stated.
This is particularly useful, as any issues found can be rectified prior to handover under warranty. For some buyers, particularly for larger and more complex yachts, this is also gives peace of mind.
