This type of Survey is inspected for the condition of the vessel and then researched to place a value upon that vessel. The research consists of obtaining information of other vessels of like and kind that are for are currently for sale or had been for sale and like vessels that have been sold. Surveyors use many sources to find other vessels that are comparable to your own. Factors are then added or subtracted to come up to a fair value. This survey may be requested by a prospective seller, bank or insurance company. A written report is accompanied in this type of survey unless requested not to do so.
Factors can be any of the following varibles but certainly not limited to;