CONDITION AND VALUATION INSPECTION
The Condition & Valuation (“C&V”) survey sometimes referred to as an Insurance survey, may also be used to refinance your boat loan. Insurance companies usually require that a C&V survey be conducted on a periodic basis (e.g. every 3 to 5 years) as a condition for policy renewal.
The purpose of the C&V survey is to provide the insurance or loan underwriter with an evaluation of the vessel’s structural integrity, fair market value and safety.
Based on this evaluation, the underwriter determines whether or not the vessel is an acceptable risk. Condition and Valuation surveys may take place in water, or hauled, depending on the conditions stipulated in the owner’s individual policy.