SAMS - Society of Accredited Marine Surveyors Certified Survey Process and Reporting Questions and Answers

Question 1

An insurance company requests a survey on a vessel to underwrite a new policy. What is the primary purpose of this type of survey, often referred to as a Condition and Value (C&V) survey?

Accepted Answer

To assess the vessel's condition and safety for its intended use, and to determine its Fair Market Value for setting coverage limits.

Answer

To provide the owner with a comprehensive list of all cosmetic and minor maintenance items.

Answer

To determine the vessel's suitability for a long-distance offshore passage and verify all related specialized equipment.

Answer

To create a legal document that guarantees the vessel will not experience any system failures during the policy period.

Question 2

When formulating recommendations in a survey report, which statement BEST represents a clear and professional finding regarding a critical safety issue?

Accepted Answer

"The main fuel supply line from the tank to the primary filter shows significant cracking and degradation of the outer casing, inconsistent with USCG Type A1 standards. This presents a critical fire and explosion hazard. RECOMMEND immediate replacement by a qualified marine technician prior to next engine start."

Answer

"The fuel hose in the engine room looks old and might need to be replaced soon."

Answer

"The buyer should get a discount from the seller to cover the cost of new fuel lines."

Answer

"The fuel system has some issues that should be addressed to improve the boat's overall condition."

Question 3

A key section of a marine survey report is the 'Scope' or 'Limiting Conditions' statement. What is the fundamental purpose of this section?

Accepted Answer

To clearly define what was and was not inspected, the conditions of the survey, and the limitations of the inspection process.

Answer

To list all the standards and regulations that the vessel is in compliance with.

Answer

To provide a detailed inventory of all personal items and loose gear included in the sale.

Answer

To guarantee the accuracy of the Fair Market Value for a period of one year.

Question 4

During a pre-purchase survey, your client asks you to omit a significant finding of hull delamination from the written report to help them secure financing, offering you a cash bonus. According to the SAMS Code of Ethics, what is the proper response?

Accepted Answer

Refuse the request, report all findings accurately and objectively, and consider terminating the survey agreement.

Answer

Agree to omit the finding, as the report is the confidential property of the client.

Answer

Include the finding but use vague language to downplay its severity.

Answer

Omit the finding from the report but thoroughly explain it verbally to the client.

Question 5

A surveyor is tasked with determining the Fair Market Value of a popular 15-year-old production powerboat. Which of the following methods is considered the most reliable and is most commonly used?

Accepted Answer

Researching and comparing the recent actual selling prices of comparable vessels using services like BUCValu or Soldboats.com.

Answer

Calculating the original purchase price and applying a standard annual depreciation percentage.

Answer

Analyzing the current asking prices for similar vessels on major brokerage websites.

Answer

Basing the value on the owner's total investment in upgrades and maintenance.

Question 6

After a pre-purchase survey report has been delivered to the client, the seller provides the surveyor with an invoice showing a required repair has been completed by a reputable yard. What is the surveyor's most appropriate action?

Accepted Answer

Offer to perform a limited re-inspection of the specific repair for a fee and, if satisfactory, issue a signed addendum to the original report.

Answer

Immediately amend the original report to show the deficiency as corrected.

Answer

Advise the seller to forward the invoice to the buyer and consider the matter closed.

Answer

Verbally inform the client that the repair has been completed per the invoice.

An insurance company requests a survey on a vessel to underwrite a new policy.What is the primary purpose of this type of survey, often referred to as a Condition and Value (C&V) survey?

An insurance company requests a survey on a vessel to underwrite a new policy.
What is the primary purpose of this type of survey, often referred to as a Condition and Value (C&V) survey?