Preparing to Purchase a Boat

New vs. Old

Many years ago we bought a new boat. It was destined for the Seattle Boat Show so we thought we were making a great decision because the builder would do an extra good job preparing the boat.

We were wrong.

That boat had multiple problems. Imagine our surprise when, during the first heavy rain, it rained inside the boat almost as much as outside. We later learned that the crew that had installed all of the through-deck fittings had not sealed them. Since the deck was balsa-cored fiberglass, that meant the balsa core got very wet. It took us months with a tarp over the boat and a heater going inside to finally get the core dry. And then it took many days to properly prepare all of the holes before sealing them. While that was not the only problem, it’s one that stands out in our memory.

More recently, we bought a new recreational vehicle. Once again, multiple things went wrong. In a year of ownership, we were able to use it three times. Most of the rest of the time, the RV was in the shop, waiting for parts and repairs. We sold it because with all the problems, we couldn’t enjoy our time using it.

And so this time around, we decided to try old, not new. How old? Four decades old! We expect to encounter some problems but we are also thinking that the seller will have already dealt with many problems and be aware of some unfixed issues. We want to go into this with our eyes wide open, especially after our two debacles with new units.

Contingent Offer

Since the boat is 40 years old, the offer I made was a contingent offer. The boat has to deliver a satisfactory sea trial, has to be insurable in a way that is satisfactory to me, and I have to be able to secure moorage in my area.

As we negotiated for the boat, I contacted my preferred insurer to begin the process of getting coverage on the boat. At the end of the application process, the insurer informed me that a C & V (condition and value) survey would be required. This makes sense, of course, because it is an old boat. But I think that the profileration of older, derelict vessels over the past handful of years probably contributes to the insurer’s caution.

Survey

As I type this, I’m waiting for the C & V survey report to land in my email inbox. The physical survey was performed last week so we are nervously waiting to see what the survey says. I know of some issues with the boat but I don’t have the context and expertise that the surveyor has, so I do expect some surprises.

Will the survey satisfy me, and will it be sufficient for the insurance company to bind coverage? We will find out in the days ahead!