It’s a common story: a new boater falls in love with an older boat, but taking the helm is a financial stretch. To save money, the would-be captain decides to skip the marine survey, looks over the boat himself and signs the papers.
Few people would buy a home without a proper inspection, yet new boaters make this mistake all the time. What comes next is often a painful lesson in false economy, as the boat’s flaws – engine problems, hull blistering or worse – present themselves in coming weeks, usually at the worst of times.
If you find the boat of your dreams, make an offer subject to inspection, find an accredited marine surveyor and a trustworthy boat yard, and when the deal is done schedule a “noon hang.” You can expect to pay a few hundred for the haul out and a few hundred more for the survey. Surveyors all set their own prices and charge by the foot, but you can generally get a 30-foot cruiser surveyed for less than $500. It is money well spent and I'll explain why.
LEARNING A HARD LESSON
A client of mine, I’ll call him Tom, has a story similar to what I described. He was excited about the idea of having his own boat and found one that fit his budget, though not without the aforementioned financial stretch. But he sold a few mutual funds and was able to swing it without a bank loan. To save money, he decided to look over the boat carefully himself, figuring he would find all the obvious flaws without the additional costs of a survey. He bought a do-it-yourself book.
CAPT. ALAN HUGENOTWhen conducting a survey, scheduling is important. Ask for a "noon hang," so the boat is up during the yard crew's lunch break. It saves money and adds survey time.
Tom was street smart. He had purchased his house without a structural survey and never bothered with a mechanic’s opinion when he bought used cars. Buying the boat “as-is” on the advice of the yacht salesman, who appeared to be an expert, Tom got a slight reduction in the sales price.
Tom liked the look of that 42-foot, twin-engine, flush-deck cruiser. Standing on the flying bridge during the sea trial must have felt like he was getting pretty close to heaven. But his euphoria was short-lived.
Tom had already made several mistakes. On all but the smallest boats, an offer should always be made subject to a survey. This allows you to back out if the surveyor says the boat has fatal flaws or is not worth the money, and to justify a lower offer if problems are found.
Brokers and dealers may be helpful, but their allegiances often lie elsewhere. When you choose your own surveyor, he will examine the boat for you, be paid by you and will work directly for you. Select a surveyor who has been certified by one of two national organizations, known widely as SAMS and NAMS: the Society of Accredited Marine Surveyors (SAMS) and the National Association of Marine Surveyors (NAMS). Both have multi-year apprentice programs that give new surveyors experience and certify them.
These two organizations also cover their members with liability insurance, and the marine insurance industry recognizes both groups. There are other local and regional surveyors’ societies, but most do not provide insurance coverage and marine insurance companies may or may not recognize them. Many boat yards and marinas do not allow uninsured surveyors to work on site.
Be sure to check the surveyor’s availability. The best are always booked, sometimes as far as two weeks in advance during the spring and fall. The goal is to haul out when the best expert is available, and it is generally more difficult to book the right surveyor than it is to fit into a yard’s schedule. If your surveyor is available anytime, there may be a reason.
