Marine Survey

Marine lenders often require a recent marine survey before approving a loan—especially for used boats, older vessels, or higher loan amounts. A certified surveyor inspects the hull, engine, electrical and safety systems, and then issues a written report with an appraised value and any recommended repairs.

Why It Matters:

• Confirms the boat is seaworthy and insurable.
• Gives lenders confidence in the collateral value.
• Helps buyers negotiate price or request repairs.

Types of Surveys:

• Pre-purchase survey: Most comprehensive; required for financing.
• Insurance survey: Focused on safety and risk; may be required by insurers every few years.
• Damage survey: Documents condition after storms or accidents for insurance claims.

Typical Costs: $20-$30 per foot of boat length, plus haul-out fees if the boat needs to be lifted for hull inspection.

Pro Tip: Choose a surveyor accredited by NAMS or SAMS, attend the survey if possible, and use the report to plan maintenance or renegotiate before closing.