ME208 Marine Survey

Course Description

This course is designed for the nonmarine professional who wants basic knowledge of the industry and for the marine professional who wants to learn more about the appraisal side of the industry. Topics covered in the course include:

• Marine equipment and its special language;
• The marine industry and function of marine surveyors and appraisers;
• The three approaches to value as they apply to commercial and yacht appraisal;
• Identification of marine equipment and systems, both commercial and yacht;
• Preparing an appraisal report; and 
• Different types of Bluewater and Brownwater equipment.

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.  

Learning Outcomes

By the end of this course, participants will be able to:

• Explain the basic terms and “language” used for common marine equipment and systems on commercial vessels and yachts.
• Describe what marine surveyors and appraisers do and how their roles fit into the marine industry.
• Apply the three standard approaches to value when reviewing simple commercial and yacht appraisal examples.
• Identify major types of Bluewater and Brownwater vessels and their key equipment.
• Spot the key elements of a sound marine appraisal report and recognize obvious red flags.
• Formulate clear, relevant questions to ask loan officers and loan applicants about marine collateral.

Course Disclaimer: This course is not intended to make the attendee a marine surveyor or appraiser. The course purpose is to teach marine surveyors, prospective marine appraisers, or any appraiser the basic language and proper procedures to produce a proper marine appraisal report. It should be stressed that the best way to become a good marine appraiser is to acquire marine or marine-related experience and seek training from a qualified marine appraiser. The trained eye is probably a marine appraisers' most valuable tool. In real estate, the buzzword is location, location, location. In marine asset appraisals, it may very well be condition, condition, condition.

Course Audience

Appraisers, marine surveyors, prospective marine appraisers. This course explores the procedures, terminology, and approaches used in appraisal of marine assets. It is assumed that one may know basic appraisal fundamentals. 

Learning Level 

Fundamental 

Continuing Education and Contact Hours

19.2 Hours of CE are provided upon completion of the course.

• Section A – Introduction to Appraising Marine Equipment
• Section B – Survey / Appraisal Engagement Sources
• Section C – Preparing for a Marine Appraisal or Survey
• Section D – Approaches to Value
• Section E – Classification Process during Appraisal
• Section F – Identification of Commercial Marine Equipment
• Section G – Pricing/Valuation Sources
• Section H – Preparation of Reports
• Section I – Field Safety – Marine Environments