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Marine valuations are required for a number of purposes the most common being when finance or insurance is being arranged, divorce settlements or probate.
Valuations are an assessment of the market value of the vessel at that point in time based on the type and condition of the vessel and a willing buyer and seller. The assessment includes a brief inspection of the vessel to assess the general condition. An exercise then follows where it is compared to other vessels in similar condition and locations and a monitory value that could be achieved is then defined.
A short letter is produced detailing the process which is normally all that is required by companies,
banks or the courts.