ME184 - Introduction to Yacht Appraisals
- Registration Closed
Wednesday, May 31, 2023
1:00 p.m. - 3:00 p.m. Eastern
Description
The ASA accredits marine surveyors in two specialties within MTS: Marine Survey Yachts and Marine Survey Commercial. There are about 2000 to 2500 marine surveyors in the United States, but only four accredited appraisers in the yacht field and nine in the commercial field. The two disciplines are quite different. This webinar will discuss some of the resources used and challenges faced by the four ASA's who appraise yachts. The content is designed for ASA MTS appraisers but would also be suitable for marine surveyors who are not ASA members.
Course Audience
Primary - ASA MTS Appraisers
Secondary - Marine Surveyors who are not ASA members
General Webinar Information
Login to ASA's webinars are through your Education Dashboard on the ASA website. In addition, this presentation will not be recorded or made available post-webinar for purchase via the ASA Marketplace
System Requirements
To ensure the best ASA webinar experience, be sure to download the Zoom app on your device before the webinar begins.
Continuing Education (CE) Information
This webinar will award 2.4 CE hours.
If you are a designated member of the American Society of Appraisers, CE credit will automatically be entered into your record ONLY if you participate in the live webinar. Please allow approximately 2 weeks post-webinar for ASA to notify participants via email regarding a certificate of completion.
Stephen Knox
President
Knox Marine Consultants
Stephen Knox has been a full-time marine surveyor and appraiser since 1987. He has been an Accredited Senior Appraiser (Yachts) since 1999 and is one of only four surveyors/appraisers in the United States to hold this designation. He recently published a series of three technical articles on yacht appraisal in the MTS Journal. Steve has taught approximately one hundred classes on various marine topics over the last thirty years, ranging from one-hour seminars to five-day classes. He qualified as an ASA instructor in 2003.
He has qualified as an expert in various marine subjects, including appraisal. Steve has testified in both state and federal courts on appraisal.
Prior to starting a marine survey business Steve was a naval officer on a nuclear submarine, a design engineer/project manager in a naval architecture firm, and the production superintendent in a small shipyard.
Upon completion of this webinar, attendees will be able to:
Identify and Describe the relevant characteristics of the subject yacht.
Locate sources of comparable yachts sold and for sale.
Identify and Analyze the differences between comparable yachts and the subject yacht.
Organize and Summarize findings for a suitable report.
Yacht Appraisal
Stephen Knox, ASA
Examples of yacht appraisal assignments
Pre-purchase survey, C&V survey
Determining ACV to settle a first party claim
Third party claims
Limitation action
Diminution in value
Divorce in litigation
Value of a donated boat
Uniform Standards of Professional Appraisal Practice Very brief review of applicable sections.
Types of value – yachts
Replacement Cost New
Reproduction Cost New
Fair Market Value
Orderly Liquidation Value
Forced Liquidation Value
Not types of values!
Approaches to value
Sales Comparison Approach
Cost Approach
Income Approach
Sales Comparison Approach
Sources of value information
The pricing guides
BUC Used Boat Price Guide
ABOS Marine Blue Book
NADA Marine Appraisal Guide
Sales listings
Yacht World
Boat Trader
Craigs List
SoldBoats.com
Adjusting comparable sales and asking prices
Cost Approach
Determining replacement cost
Determining an appropriate depreciation scale
Income Approach
Usually not applicable to yachts
General approach
The Appraisal Report
Scope of Work
Intended Users
Effective Date of Appraisal
Assumptions
Certification
Society of Accredited Marine Surveyors (SAMS) Recommended Report Content
[These are inspections done on behalf of a yacht buyer to determine the condition and value of a yacht. The bulk of the report is devoted to the condition findings. The following are the requirements concerning value.]
Current Market Value or Fair Market Value
Estimated Replacement Cost
A statement of the method used, showing the calculation as to how the valuation was determined.
The valuation section of the report should contain sufficient information showing the sources of the information used to develop the surveyor’s opinion of value of the vessel. This should include a summary of the comparable vessel sales and book values relied upon.
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