Stanley Yacht Services: Survey Says .... Stanley Yacht Services On Board

Friday, December 19, 2014

Survey Says ....
Stanley Yacht Services On Board

In addition to year-round yacht maintenance, one of the many services we offer our clients is an on-board presence during any number of instances, including those related to the sale or purchase of a vessel. From previewing targeted listings to performing captain and crew functions during sea trials, we do whatever it takes to ensure the transfer of ownership process goes smoothly. Our clients enjoy peace of mind knowing we're there, even if it's just to make sure the yacht is "put back to bed" properly after all the brokers, prospective buyers, contractors, and day workers have left. The last thing anyone wants is an urgent call hours after a marketing photo shoot because there's smoke coming from the galley due to a grill being inadvertently switched on by an unfamiliar hand. (Yes, unfortunately, things like that happen.)

SYS On Board: Capt. Ben Stanley, right, stands by with
a client's broker, Wayne Cannava of Gilman Yachts.
Photo | Stanley Yacht Services, Inc.
Needless to say, having a reliable team like SYS on board during pivotal events such as marine surveys is also of paramount importance to our out-of-state clients, who are often unable to attend. This weekend, for example, we will represent one of our contract clients during the in-water survey of a 52-foot Hatteras. A scheduling conflict prevents our client from meeting with the inspection team but we'll be on board to answer any questions the surveyor may have and to absorb any insight the surveyor may proffer.

With this weekend's appointment in mind, and realizing some of you may be less familiar with the marine survey process, we thought we would share "Seven Tips to Get More Out of a Marine Survey" - some excellent advice recently posted by BoatUS.

1. The only good survey is a current one

Relying on an old survey is a bad idea. The marine environment isn’t nice to boats and sometimes a “little” maintenance issue can quickly turn into a more serious problem. If you need to have the boat insured, you’ll usually need a survey less than six months old – after that, it begins to smell like dead fish.

2. Don’t miss your own survey

Just like your wedding, you need to be there. Attending and asking questions will reap reams of information about the boat you’re buying, and most surveyors are happy to talk about what they are finding and what needs to be done to fix things.

Photo | Boat Owners Association of The United States

3. Experience trumps price

Don’t select a surveyor on price alone. It’s important to find one that has experience on your type of boat that can tell you what you need to know. Surveyors who are members of the Society of Accredited Marine Surveyors (SAMS) or the National Association of Marine Surveyors (NAMS) are wise choices as these professional organizations have certification processes and provide educational training.

4. It’s not pass or fail

A survey is only a guide to determine if the boat is acceptable to the buyer. An insurance company may also use it to provide a list of corrective actions needed to provide coverage.

5. Surprise, surprise

Boats are a series of complex systems and even brand new boats sometimes have recommendations from a surveyor. The difference is that with new boats, corrective actions are often taken care of through the builder’s warranty.

6. Use the survey to negotiate

Surveys include an approximate fair-market value for use by lenders and insurance companies. If the numbers warrant it, there’s also nothing wrong with using this value in an attempt to negotiate a better deal with the seller.

7. A survey gives you a great punch list

A survey can guide planning for upgrades, repairs and help you prioritize.

Obviously, a thorough inspection of the yacht and its systems by a certified marine surveyor is essential in giving you an unbiased appraisal of the vessel's value and seaworthiness. While buyers usually embrace the outcome, some sellers face the process with trepidation, worrying that the survey will cast their asset in an unflattering light. For that reason, we also offer pre-survey survey services [say that 3 times fast] to clients who are listing their yachts so they have an opportunity to address any items likely to affect valuation during a formal survey. And when it is time to schedule that survey, have no fear because remember, even if you can't be there, we can.

If you have any questions or need further information about our on-board services or anything else, don't hesitate to contact us!

For smooth sailing and zero stress ... call SYS!©

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