INSURANCE CONDITION AND VALUE
INSPECTIONS
Once a vessel is under ownership, an insurance company may ask for an updated survey every few years. This is called a Condition and Value inspection or "C&V" inspection. In this inspection, the insurance company is interested in the general condition of the vessel and if there are any areas of the vessel that provide a safety issue or hazardous condition to the vessel. Depending on the requirements of the Insurance Company, this inspection may not require a haul out of the vessel. This type of inspection is also used by financial institutions at times of refinancing of the vessel. A C&V inspection is not as detailed as a pre-purchase survey.