Damage and Valuation Surveys Flashcards

A surveyor discovers that a repaired vessel has fiberglass patches of inadequate size over impact damage. The standard requirement for a structural repair patch is that it extend at least:

Answer: 12 times the laminate thickness beyond the damage perimeter on each side

Structural fiberglass repairs require the patch to extend 12 times the laminate thickness beyond the damage on each side to achieve adequate bond strength.

Which approach is most appropriate when a vessel's value is contested between an insurer and the vessel owner during a total loss claim?

Answer: An independent appraisal or binding arbitration using qualified marine surveyors

Independent appraisal or arbitration by qualified marine surveyors provides an impartial resolution mechanism when parties dispute total loss valuation.

After a vessel is repaired following major collision damage, which test is most important to verify the integrity of the hull before the surveyor issues a letter of completion?

Answer: A documented sea trial under load

A sea trial under realistic operating conditions verifies that structural repairs are sound and all systems function correctly before the surveyor certifies completion.

When a vessel is declared a constructive total loss and the insurer takes title (subrogation), what is the surveyor's role regarding the salvage sale?

Answer: The surveyor may be asked to provide an opinion on salvage value to assist the insurer in setting a reserve or accepting bids

Surveyors may provide salvage value opinions to assist insurers in evaluating bids, but do not negotiate or execute the actual sale transaction.

A survey client asks the surveyor to omit significant damage from the report to avoid a premium increase. The correct response is:

Answer: Decline to omit the finding and explain that all material damage must be reported accurately

Omitting material findings at a client's request constitutes fraud and violates SAMS ethical standards; the surveyor must report all material conditions accurately.

Which factor is most important in distinguishing between impact damage and long-term fatigue cracking in a fiberglass hull?

Answer: The crack pattern, edge characteristics, and presence of stress crazing versus a single impact point

Impact damage typically produces a localized fracture or star pattern, while fatigue cracking shows progressive stress crazing or spider-web patterns at flex points over time.

For valuation purposes, a surveyor comparing a vessel to market comparables should adjust the comparable sale price when:

Answer: The comparable differs materially in equipment, condition, engine hours, or age from the subject vessel

Material differences in equipment, condition, engine hours, or age between comparable vessels and the subject require quantified adjustments to produce a reliable value opinion.