HATHAWAY MARINE SURVEYORS
A Division of Hathaway Services, Inc
25 Carriage Road, C-F, Portland, Maine 04110-1301
TEL: 207-781-4467; FAX: 207-781-2857
MARINE INSURANCE SURVEY REPORT
10-3504
M/V “NoVela”
24 March 2010
CONDUCTED BY
Brian M. Hathaway, Sr. NAMS-CMS
PREPARED FOR:
S. Merrill Hall & Thomas E. Hall
67 Wharf Road
Yarmouth, ME 04096
207-846-9879
Before
After
M/V “NoVela”
Survey Date: 24 March 2010
Year Built & Model: 1974 Herreshoff Harbor Pilot – Rebuilt 2008-2010
Hull Designer: Halsey Herreshoff
Vessel Manufacturers: TPI Composites & Nowak & Williams Boat Co.
Redesigned and Rebuild by S.M. Hall & T.E. Hall
Manufacture Location: Bristol, RI – Yarmouth, ME
Hull Identification Number: TSPHP0060374
Vessel Hailing Port: Yarmouth, ME
State Registration Number: ME 154 WAC
Vessel Specifications:
LOA: 18’ 2” BEAM: 8’ 0” DRAFT: 1’ 10”
LWL: 17’ 10” DISP: 2,200 # +/- CLEAR: 8’ 0”
Note: The above vessel specifications are taken from manufacturer’s published data or have been supplied by others. No measurements or calculations were made by the surveyor, unless otherwise noted.
Construction:
Hull: Fiberglass Reinforced Plastic (FRP)
Decks: FRP over plywood
Cabin/Top: FRP over plywood
Main Engine:
Type: Inboard Fuel: Oil (Diesel)
On 24 March 2010, the undersigned surveyor attended upon the subject motor vessel, while ashore in heated storage at Portland, Maine for the purpose of conducting a condition and value survey for Insurance Underwriting and financial evaluation purposes.
The vessel was found stored on a trailer, in a heated storage facility and in a somewhat decommissioned state.
Note: It must be understood that this type of survey is limited in scope to those elements of the vessel that directly or indirectly affect the safety of the vessel and its passengers, and its general market value. It is not of sufficient depth to be considered as a Pre-Purchase Survey.
Note: The ▼ symbol is used, in the text of the survey, to indicate a condition that is covered under the RECOMMENDATIONS/ SUGGESTIONS/DEFICIENCIES section. The symbol is used to indicate a photo is available in the PHOTOGRAPHS section of the survey.
DESIGN/CONSTRUCTION/STRUCTURES:
General:
The hull is of the rounded chine, full keel, displacement form with single screw and inboard spade rudder.
The vessel was purchased in August 2008, redesigned and rebuilt by Merrill and Thomas Hall over the past two years. The Halls are experienced in boat repair, FRP composite construction and marine mechanical and electrical systems.
The original “house” and liner were removed and the vessel was rebuilt to the new design. The hull and side shells were taken down to the gel coat, sounded and checked for moisture. All was found to be in good order and the surfaces were painted. A small area of the gunwale was found to have elevated moisture. The area was opened up, dried-out and restored to original. The bulkheads were constructed of ¾” Meranti (13 ply) plywood and the decks were finished with ½” (7 ply) Meranti marine plywood. The cabin tops and wheelhouse areas were constructed of 3/8” and ¼” Okoume bendable marine plywood. All plywood surfaces were treated with West System Epoxy, prior to installation. Tabbing and covering for decks and bulkheads are of 14 oz stitch-matt while coverings on cabin top and wheelhouse are multiple layers of 8 oz cloth. The work was well executed to good yacht standards and the vessel shows “as new” in many respects.
Notes
Sideshells: Have been “taken down” to the gel coat and painted – very good condition
Underwater body: Have been “taken down” to the gel coat and painted – very good condition
Decks: FRP over ½” “Meranti” marine plywood – very good condition
Cabin Area: Neat and clean
Bulkheads: New ¾” “Maranti” marine grade plywood – very good condition
Bilges: Clean and dry
Hatches: Two – New
Sea Valve: New 2009 – Bronze
Obvious Repairs: None observed
Damaged Areas: None observed
Grab rails: New – Very good – Vintage cast bronze mounts w/bronze tubing
Mooring Cleats/Chocks: Original bronze – one SAMPSON post
Hull/Deck Joint: FRP tabbing – good condition
Strength of Hull: Acceptable
Certain areas of the exterior underwater body, exterior side shells, and exposed exterior portions of the deck structure were “sounded” by means of steel and plastic hammers, inspected visually and with a portable non-destructive electronic moisture meter. Major deficiencies in these areas could adversely affect the vessel’s structural integrity and/or its Fair Market Value.
PROPULSION MACHINERY:
Type: Inboard – Diesel Fired Make: YANMAR
Model: 3GMF Serial #: 07261
#Cylinders: Three HP @ RPM: 20 @ 3400
Cooling: Fresh water Seacock: New 2009
Ext. Strainer: Yes – New 2009 Int. Strainer: New 2009
Drive Type: Direct Shaft: 1” stainless steel
Stuffing Box: New 2010 Propeller: 3 blade bronze 13 X 10
Shaft Log: New 2009 Engine Space: Neat and clean
Fuel Hoses: New 2009 Wet Exhaust: Yes – New 2009
Fuel Filter: RACOR Exh. Hoses: New 2009
Tanks/ Mat’l: One – Aluminum Fuel Cap: 8 USG
Ventilation: Natural Muffler: New 2009
Engine Hours: Unknown Riser: New 2009
Engine Controls: Good working order Engine hoses: New 2010
Instruments: Tachometer, Oil Pres, Water Temp, Voltmeter and alarms
The injector pump was rebuilt by John Pride, Inc., Diesel Engine Repair, in 2009. The vessel was sea trialed in August 2009 and demonstrated normal operation.
The fuel tank is located below the portside gunwale and is adequately secured, grounded, and vented. Fuel fill and supply hoses are in new condition (USCG type A). The fuel tank reportedly was modified and cleaned in 2008 and prior to installation was pressure tested at 5psi for approximately 20 hours with no leakage. The fuel -fill and vent hoses were replaced at that time.
The engine was not operated during this survey. No opinion is expressed.
ACCOMMODATIONS:
Notes
Cabin Spaces: One
Head Area: Aft to starboard
MSDType: Self-contained (5 USG) PORTA POTTI “365 MSD” with a deck pump-out – New 2010
BILGE PUMPING/DEWATERING:
Qty Bilge Pumps
1 12VDC pump with float switch mounted in bilge void – New discharge hose & thru hull 2009
1 Portable manual pump – Piston type
ELECTRICAL:
Qty 12VDC Electrical Components
1 Engine Driven Alternator
2 12VDC Storage Batteries
2 Acid Proof Battery Trays with securing straps (NFPA Suggested) ▼
1 Safety Disconnect Switch – New 2009
1 Fused Switch Panel – New 2009
The wiring system is new throughout with all wiring and components to ABYC/NFPA Standards.
FIRE PROTECTION:
Qty Fire Extinguishers
1 Portable B:C-I
1 5# Portable CO2
STEERING SYSTEM:
Notes
Type steering: Push/pull cable – All elements new 2008 – TELEFLEX
Rudder: Acceptable – Stainless steel – New 2009
Stuffing Box & Collar: Acceptable – New 2009
GROUND TACKLE:
Qty
1 HT 1200 DANFORTH Anchor with 5’ of 3/8” chain lead & 175’ of nylon rode
EQUIPMENT:
ELECTRONIC AND NAVIGATIONAL GEAR
1 Compass – RITCHIE New 2009
1 VHF Radio – Hand-held WEST MARINE
1 Horn – Manual
1 GPS/Chart Plotter – RAYMARINE “RC400”
1 GPS – GARMIN “GPS 12”
1 Chart – Casco Bay
- Vintage bronze side lights and all-around white light – Installed 2010
EMERGENCY AND LIFESAVING EQUIPMENT
3 PFDs Type I
1 Ring Buoy
1 Radar reflector & attachments
- USCG required Flares (Expiration date: July 2011)
1 Bronze Transom step for unassisted re-boarding from the water
1 First aid kit
MISCELLANEOUS EQUIPMENT
1 Boat Hook
Assorted Fenders
Assorted Docklines
1 ATLANTIS TRAILERS – Single axle boat trailer (1995 +/-)
EQUIPMENT TESTING:
Item Tested Notes
Navigation Lights: √ OK
Compass Light : √ OK
Anchor Light: √ OK
Cabin Light: √ OK Not connected
12VDC bilge pump: √ OK Dry operation only
Portable bilge pump: √ OK Dry operation only
Horn: √ OK
Portable VHF Radio: √ OK
W/S Wiper: √ OK
GPS /Chart Plotter: √ OK
∩ = “Power Up” Test Only √ = The item Was tested X = The Item was Not tested
▼ RECOMMENDATIONS/SUGGESTIONS/DEFICIENCIES:
SECTION A:
The following deficiencies/recommendations should be considered necessary for the well being of the vessel and her crew and should be addressed in the very near future. Their numerical order does not suggest priority or importance. All must be considered equal.
No deficiencies in this section
SECTION B:
The following recommendations are required for the vessel to comply with USCG regulations and the Code of Federal Regulations (CFR)
No deficiencies in this section
SECTION C:
The following recommendations are based on the voluntary standards of the ABYC (American Boat and Yacht Council) and the NFPA (National Fire Protection Association).
No deficiencies in this section
SECTION D:
The following are consistent with good marine practice, proper vessel maintenance, and prudent seamanship.
1. Provide a current compass deviation card for the compass.
2. Suggestion: Provide a secondary anchor with separate chain lead and rode.
3. Suggestion: Equip PFDs with water lights, whistles, and retro-reflective tape and identify each with the vessel’s name.
GENERAL OBSERVATIONS/COMMENTS:
“NoVela” is a custom designed vessel that bears no visible resemblance to the original Herreshoff Harbor Pilot, except for the hull. This surveyor has followed the reconstruction of this vessel.
VALUATION:
One Herreshoff 1974 Harbor Pilot is listed for sale on the internet with an asking price of $14,900. In determining the market value of this “custom” vessel, three different builders were used as comparables (four 22’ Eastern, two 21’ Atlas Pompanos and one H and H 20’). These vessels were built between 1989 and 2006 and three were diesel powered while four were gas powered. The average asking price was $27,910 USD. Assuming that they would sell for 88% of the asking price, the selling price would be $24,960
The ESTIMATED MARKET VALUE of the vessel is approximately, in the opinion of this office, $24,000 USD to $26,750 USD. Market value is based upon the observed conditions of the vessel “as is-where is” and without completion of work or correction of deficiencies in the Recommendations/ Suggestions/ Deficiencies section of this survey. Further consideration is given to the vessel’s overall condition in comparison to vessels of like size, age and service, and the current state of the marketplace.
MARKET VALUE is hereby defined as the most probable selling price in a competitive and open market under all conditions requisite to a fair sale, and where the buyer and the seller, is each acting prudently and knowledgeably, and with the assumption that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale on a specified date and the passing of title from seller to buyer under conditions whereby:
1. Buyers and sellers are under no duress.
2. Both parties are well informed and acting in what they consider to be their own best interests.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in cash or its equivalent.
5. Financing, if any, is on terms generally available in the community at the specified date and typical for the vessel type in its locale.
6. The price represents a normal consideration for the vessel sold unaffected by special funding amounts and/or terms, services, fees, costs of credits incurred in the transaction.
The ESTIMATED REPLACEMENT VALUE of the vessel, as equipped, is approximately $45,000 USD. For the purpose of this survey, replacement value is defined as the cost of replacing the subject vessel with a new equivalent vessel with identical or equivalent capabilities, equipment and gear.
