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| Valuations are generally requested for the following purposes : |
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| Some insurers may want the usual Current Market Value along with the Replacement Value which is the cost of replacing the yacht with a similar newly purchased one. Some want value of tender and outboard too. Insurers requirements should be clarified at time of ordering a survey otherwise the report will include Current Market Value of the boat which is our usual format. |
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| In order to make a valuation for insurance a condition survey is required. |
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| If the boat has been refitted at high cost in excess of market value, such as for classic boats, the owner may not wish to insure at market value but rather to insure for an "agreed value". This value would be agreed between owner and insurers. If it is higher than market value it may result in a higher premium. There are specialist insurers for classic boats. Agreed values should be agreed again over time if sales market conditions change or more refit is done. |
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| Valuation for Financing |
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| When mortgaging the yacht or re-financing, the bank will usually ask for a valuation. In order to make this valuation a condition survey is required. This can be done either in or out of the water. It is preferred out of water but for large yachts in-water is acceptable. |
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| The condition survey will also have the benefit of identifying any items you may wish to have repaired. |
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| Valuations for Court Purposes |
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| Valuations for Court Purposes can be made after a condition survey (in or out of the water). Otherwise a opinion based on documents can be done. This would remark that it would be based on the yacht being in good condition for sale. The most convincing would be a valuation done after survey. |
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| My insurers do not cover me for making a valuation which will be used in a share prospectus as an investment opportunity so that service would not be offered. |
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| Rather than simply advising a value figure and not backing it up I will research the market and support the valuation with broker listings for similar yachts. Using my experience I will consider these listings and advise a value or range of values for the boat. |
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| Valuations are offered for any size of yacht but are not offered for ships. |
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| My valuations have been accepted by major insurers, banks and lawyers. Yachts up to 50m have been valued. |
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