Damage and Valuation Surveys Flashcards
7 cards from real SAMS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Damage and Valuation Surveys flashcards as text
Under SAMS standards, when determining whether a vessel is a constructive total loss, the primary comparison is:
Answer: Repair cost versus the vessel's fair market value or agreed value
A constructive total loss is declared when repair costs meet or exceed the vessel's insured or fair market value, making repair economically impractical.
A surveyor is asked to value a 20-year-old wooden vessel with custom joinery and recent engine replacement. Which approach best captures its market value?
Answer: Comparable sales approach using recently sold similar wooden vessels
Comparable sales of similar vintage wooden vessels provide the most market-reflective valuation, accounting for the unique factors of wood construction.
When inspecting a vessel for collision damage, the surveyor notices the engine mounts are misaligned. This finding most likely indicates:
Answer: Significant impact force was transmitted to the engine bed structure
Misaligned engine mounts following a collision indicate that impact forces distorted the engine bed or stringer system, requiring structural assessment.
Which type of damage is most likely to be excluded from a standard marine insurance policy's damage coverage?
Answer: Gradual deterioration and wear from lack of maintenance
Most marine policies exclude gradual deterioration, wear and tear, and damage resulting from lack of maintenance as these are owner responsibilities.
A surveyor preparing a repair estimate for hull damage should obtain bids from:
Answer: At least two to three qualified marine repair facilities to establish a fair cost range
Multiple competitive bids from qualified yards establish a credible, defensible repair cost range that satisfies insurance and legal standards.
During a damage survey of a vessel's fuel system after a fire, the surveyor's primary safety concern is:
Answer: Ensuring the vessel is thoroughly ventilated and free of explosive vapor before inspection
Residual fuel vapors in a fire-damaged vessel present an explosion risk; thorough ventilation must precede any inspection of the fuel system.
When valuing a high-performance sportboat for a damage survey, comparable sales data is most reliable when filtered by:
Answer: Engine hours, model year, and recent comparable market transactions
Engine hours, model year, and actual closed sales of comparable vessels provide the most accurate and defensible market value basis.