Global Yacht Appraisals is committed to providing marine vessel appraisals
that are accurate, thorough, reliable, fair and professionally documented
Global Yacht Appraisals is committed to providing marine vessel appraisals that are accurate, thorough, reliable, fair, and professionally documented. We specialize in appraisals of Antique and Classic vessels, Yachts, Super Yachts, Production vessels, Commercial vessels, Expedition yachts, and Trawlers. We will provide you with the following appraisal services: marine vessel appraisals for tax purposes, IRS audits, estate settlements, divorce settlements, United States Customs Duty appraisals, and yacht donations.
Marine Vessel Assets are Unique
Marine vessel assets are unique and serve a wide variety of purposes. Global Yacht Appraisals (GYA) expertly examines the characteristics, conditions and circumstances relative to all equipment or property we value. Using the information collected, we consider multiple standard IRS approved approaches to valuation and, ultimately, apply the method or methods that deliver the most complete and accurate values for a particular vessel asset.
Marine Industry Standards
Using a complex array of standard marine industry resources, GYA analyzes market and industry trends, past and current, and understands the regulations and factors that affect the value of marine assets. This information helps our clients make an informed decision when it comes to managing their marine portfolio.
Donated or Estate Valuations
When a vessel is donated, or an estate valuation in needed, an appraisal inspection is used. This is an inventory of all the items on the vessel with photos and a detailed description of the vessel. A vessel appraisal is an estimate of the vessel’s Fair Market Value (FMV), only. It is not a survey and cannot be used as such. The appraisal report does not include a determination of the vessel’s seaworthiness, nor does it include stability tests or sea trials necessary to such a determination.
The Uniform Standards Professional Appraisal Practice
The Uniform Standards Professional Appraisal Practice (USPAP) is considered the quality control standard applicable for real property, personal property, intangible assets and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980’s by a congressionally authorized joint committee representing major U.S. and Canadian appraisal organizations. As a result of the savings and loan crises, The Appraisal Foundation (TAF) was formed by these same groups, and TAF took over administration of USPAP.
USPAP Program Requirements
GYA partners have successfully satisfied USPAP program requirements. The USPAP curriculum includes in-depth instruction and testing on three critical appraisal approaches: Market (sales), Cost, and Income. While USPAP provides a minimum set of quality control standards for the conduct of appraisal in the U.S., it does not attempt to prescribe specific methods to be used. Rather, USPAP simply requires that appraisers be familiar with and correctly utilize those methods which would be acceptable to other appraisers familiar with the assignment at hand and acceptable to the intended users of the appraisal. USPAP directs this through the Scope of Work rule. At the onset of an assignment, an appraiser is obligated to gather certain specified preliminary data about the project, such as the nature of the vessel to be appraised, the basis of value (e.g. market, investment, impaired, unimpaired), the interests appraised (e.g. fee, partial),