Monday, December 10 2012
A customer recently asked the question: Should my surveyor verify all boat identification numbers?
Absolutely, one of the more important aspects of a surveyor's report pertains to the vessel's description. Although often underrated, this can be as vital to the buyer and marine lender as the vessel's underlying condition. In addition to the exact specifications, any identification numbers that are affixed to the vessel must be clearly stated. Such items all serve to link the vessel itself with those documents which evidence ownership and a lender's security interest.
Although it represents an additional effort on behalf of the surveyor, it is an excellent practice to incorporate "rubbings" or photographs of all identification numbers into the survey report. In this digital age, photographs are probably sufficient and this will help eliminate any possibility of drafting errors. These are often required anyway whenever conflicts arise over previous deficiencies. In addition, the surveyor should always rely on self-observations rather than the existing ship's papers in defining the vessel's specifications. In selecting the right surveyor, a prudent buyer should make sure these services are provided.
If you have additional questions, please contact one of our brokers here at Mariner's Yacht & Ship Brokerage.