Thanks for your reply. I have no doubt that a survey is a good thing. The
fine print in the contract, as in real estate, stipulates that the surveyor
is only responsible for what he/she has access and can see. The insurance
brokers like the evaluation produced by the surveyor so they can ask to have
your boat insure accordingly. When time comes to replace your boat they will
only pay what the real market value is. A good example of this is one of my
friend was involved in a big storm and his boat sunk on the eastern coast.
His 1970 Grampion 30 was insured for $45000. What he got from his insurance
company is half of that amount. When a survey report state that the
replacement value of a boat is XXXX it means that if you had to buy that
boat new at today present value the cost would be XXXX. What the insurance
will cover is the replacement value at today street going price for a boat
of that age. Recently someone had to rebuild part of his deck under the
mast. The survey report did not mention anything of that nature. Who will
pay for the repair?
The recent storm damages in the US will for sure set some jurisprudence on
replacement value of boats.
"Jere Lull" wrote in message
...
In article ,
"Denis Marier" wrote:
Item 4. Marine survey. What is the legal responsibly of a Marine
surveyor
and the legal value of its report.
In an another word is the surveyor responsible to find all defects in a
boat.
If short after the surveying has been done hidden defects are found what
are
the recourse. Can the surveyor states that he/she was only responsible
for
what was visible at the time?
Does marine surveyor carry liability insurance if so what is the
coverage.
Even the best surveyor will miss something sometimes, and none that I
know have x-ray vision. Most do the best they can, but there can be no
guarantee. There will be language to that effect in the survey itself,
but they still need insurance.
--
Jere Lull
Xan-a-Deux ('73 Tanzer 28 #4 out of Tolchester, MD)
Xan's Pages: http://members.dca.net/jerelull/X-Main.html
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