How Much Does A Marine Survey Cost?

Marine Survey costs vary with the type of survey you’re after. Marine Surveyors in Sydney generally charge $25 – $40 per foot (vessel length) for a pre-purchase inspection. Higher-end pricing is generally for surveys with mechanical inspections. Conversely, you can get an insurance survey for $14 – $18 per foot.

Marine Surveyors are not mechanics, although there is a handful that are dual certified. It’s always best to find someone who is, or use both parties. Mechanics typically charge $100 – $180 per hour for engine inspections.

Types of Surveyors

Boat owners hire Marine Surveyors for pre-purchase and insurance surveys, companies and sole operators. They are designed to meet government standards for commercial operations, and insurance and shipping companies to assess damages.

The different types of Surveyors include, but are not limited to:

1. Pre-Purchase Surveyors, usually have either a Surveying qualification, a boatbuilding background, or shipwright qualification
2. Mechanical Surveyors, who usually hold a Marine Mechanical qualification
3. AMSA Surveyors, generally one of or a mix of both above with relevant experience and understanding of national law that has been approved by AMSA (Australian Marine Safety Authority) for certain classes of survey

Insurance companies set the standard for the condition of the boat that they consider an acceptable risk to insure. As such, they decide whether or not to insure the boat based on the surveyor’s report.

If you’re unsure what will be covered in your survey, you can always ask your preferred surveyor for a sample report.

Several groups certify surveyors and set a standard. Examples are the Australian Institute of Marine Surveyors (AIMS), the most popular in Australia and the International Institute of Marine Surveying (IIMS).

What entails a good Pre-Purchase Marine Survey?

A good report will focus on the condition of the boat, as it currently is. Don’t get fooled by a long report – it doesn’t mean it is useful. Is the Surveyor providing a list of the boats features or actually commenting on the condition of each of those features? It should be clear if the report will include a mechanical component, as some surveyors are not qualified to inspect machinery.

As a minimum, all surveys should include:
HIN Number
Registration number
Engine serial number/s
Condition of bilge pumps and automatic float switches
Inspection of through-hull fittings and exhaust outlets
Underside inspection, checking for osmosis, delamination, previous damage electrolysis and corrosion
Tally of features and electronics fitted
Condition of the vessel

Marine Survey Mechanical Report

As a minimum, a mechanical report should include:

1. Compression testing on petrol engines. These are quite difficult to perform, however they are essential in accurately gauging the condition of the internals
2. Gearbox and steering system inspection – depending on the make and model, this can be as simple as an oil sample and testing the operation
3. Water test run under load – this is important, as this is the most likely time an engine will fault or problems will arise
4. Visual inspection – is the engine corroded? Salt-water is a damaging environment, and having a ball of rust in the engine bay will cause problems down the line
5. Engine fluids inspection – every make and model will have different fluids, such as coolant, power steering, engine oil, gearbox oil and even anti corrosion products such as salt away

For more information about what marine surveys and mechanical survey inspections cover, click here.

Use your report to bargain

A pre-purchase report should be used to bargain on price. When a broker lists a boat, they base it on the vessel being in good operating condition. A good broker will inform the owner before he sells the boat of any problems he comes across, as problems will affect the likelihood of a higher sale price. Often, boats are listed and the broker isn’t aware of problems until the survey, or out of water inspection. This is when you have the opportunity to ask the seller to fix problems, or bargain the price down.

What about Boat Brokers?

The seller pays a boat broker to get the highest price possible for their boat. Don’t be believeConversely, you can get an insurance survey for $14 – $18 per foot. a broker works for you, although a good boat broker will be fair because the broker will want to keep the buyer as a potential customer when they need their next boat. A broker with a large list of previous clients can be a great asset, as they will have clients come to them to upgrade – so you may hear about off-market deals.

Credibility

When spending a large amount of money on a boat, it’s important to ensure the inspection is credible. It’s common for brokers to recommend surveyors, however you should check whether the broker has a relationship with the surveyor. A broker may not recommend someone who is very diligent if the product they are selling is not great. However, a good broker will recommend a thorough surveyor so that he knows the boat has been checked properly. This means there is less chance of the customer coming back with a complaint. There is nothing wrong with selling a boat with problems, provided the buyer is aware before purchasing. Hiring a thorough inspector will work in your favour. You will better understand the current condition, and can more accurately price the boat.

How much does a Pre-Purchase Marine Survey cost on the Gold Coast?

A Pre-Purchase Marine Survey and Mechanical Inspection can range anywhere from $25 per foot up to $40 per foot, depending on the age of vessel, number of engines and scope of inspection.