Valuation Reports are inspections performed to gather sufficient information to determine the fair market value of a vessel for the purposes of finance, probate or insurance value re-assessment. The inspection will include checking key inventory items which may significantly affect the value of the craft.
When compiling a valuation report, in addition to an assessment of its overall condition, I also take time to study the current local state of the market for the type of craft under consideration. The valuation can be carried out afloat or ashore and does not make any statement about hull condition. Such an inspection may be required by the courts, solicitors and finance companies in order that financial arrangements can be finalised or revised.
Of course, when purchasing a boat, any firm offer should always be made subject to a Full Condition Survey.
The Valuation Inspection usually requires a couple of hours plus another hour to write up the report.
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