A marine survey is a watercraft inspection and appraisal, which insurers
typically require for boats over 10 years old or extremely valuable watercraft
(e.g., over $35,000). The survey generates detailed information about the
vessel, including identification, description, and condition of the (1) hull,
(2) fittings and equipment, (3) electronic and safety equipment, (4) galley (if
applicable), (5) engines, (6) electrical system, and (7) firefighting
equipment. The vessel is normally hauled from the water during the survey for
bottom inspection, although the insurer may allow an in-water survey. In some
cases, the survey includes a sea trial. Often the same survey used for purchase
considerations is used to obtain insurance. In addition, the survey typically
indicates the craft's replacement cost and insurable/market value.