Qualified Insurance Reports
An Insurance Report is interested in the structural integrity and safety of a vessel for its intended use. Therefore, the primary focus of the C&V report is on items that could lead to the loss of the vessel due to sinking, fire or dismasting and possible endangerment of its crew and passengers. The Report is conducted in and out of the water unless the insurance company has advised an in water report will suffice. An Insurance Report otherwise known as a Condition and Valuation (C&V) Report is generally required by an insurance underwriter to determine whether or not a vessel is an acceptable risk.
The main areas of focus of the C&V inspection
Hull and deck structure Hull to deck joint Bulkheads, Bondings, Frames grids and Stringers Through hull fittings Keel and Hull/Keel Join and Fixings Mechanical installations Steering system Electrical installations Navigation Equipment Mast and rigging
The Insurance Report or C&V report includes a formal independent market valuation of the vessel, generally broken up into 3 areas, making it suitable for use by insurance and finance institutions a like.
These areas include:
Hull, Decks and Superstructure (including fittings and fixtures) Machinery Rigging
However, it is not sufficient to make an informed decision regarding the purchase of the vessel, you will require a specific Pre Purchase Report for this.
Schedule a time for us to discuss your vessel or for us to come help you.