SAMS Damage and Valuation Surveys 3

Question 1

Under SAMS standards, when determining whether a vessel is a constructive total loss, the primary comparison is:

Accepted Answer

Repair cost versus the vessel's fair market value or agreed value

Answer

A constructive total loss is declared when repair costs meet or exceed the vessel's insured or fair market value, making repair economically impractical.

Question 2

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?

Accepted Answer

Comparable sales approach using recently sold similar wooden vessels

Answer

Comparable sales of similar vintage wooden vessels provide the most market-reflective valuation, accounting for the unique factors of wood construction.

Question 3

When inspecting a vessel for collision damage, the surveyor notices the engine mounts are misaligned. This finding most likely indicates:

Accepted Answer

Significant impact force was transmitted to the engine bed structure

Answer

Misaligned engine mounts following a collision indicate that impact forces distorted the engine bed or stringer system, requiring structural assessment.

Question 4

Which type of damage is most likely to be excluded from a standard marine insurance policy's damage coverage?

Accepted Answer

Gradual deterioration and wear from lack of maintenance

Answer

Most marine policies exclude gradual deterioration, wear and tear, and damage resulting from lack of maintenance as these are owner responsibilities.

Question 5

A surveyor preparing a repair estimate for hull damage should obtain bids from:

Accepted Answer

At least two to three qualified marine repair facilities to establish a fair cost range

Answer

Multiple competitive bids from qualified yards establish a credible, defensible repair cost range that satisfies insurance and legal standards.

(SAMS) Society of Accredited Marine Surveyors Certified Practice Test

(SAMS) Society of Accredited Marine Surveyors Certified Practice Test

SAMS Damage and Valuation Surveys 3