SAMS - Society of Accredited Marine Surveyors Certified Damage and Valuation Surveys Questions and Answers

Question 1

A vessel has an agreed insured value of $200,000.
Following a grounding incident, the cost to salvage and tow the vessel to a repair yard is estimated at $30,000, and the quoted cost for repairs is $180,000.
Based on these figures, how should the surveyor classify the loss?

Accepted Answer

The vessel is a Constructive Total Loss (CTL).

Answer

The vessel is an Actual Total Loss (ATL).

Answer

The vessel is a candidate for repair, as the repair cost is less than the insured value.

Answer

The loss is a Particular Average claim.

Question 2

When conducting a damage survey, determining the 'proximate cause' of the loss is a critical task for the surveyor. Which of the following best defines this term?

Accepted Answer

The dominant, operative, and efficient cause that set in motion the chain of events leading to the loss.

Answer

The first event in the sequence that led to the damage.

Answer

The most recent event that occurred immediately before the damage was discovered.

Answer

Any factor that contributed, however slightly, to the overall loss.

Question 3

A surveyor is hired by an insurance company to assess damage to a vessel's hull from an allision with a dock. This type of partial loss, where the expense falls solely on the vessel's owner (and their underwriter), is referred to as what?

Accepted Answer

A Particular Average loss

Answer

A General Average loss

Answer

A Salvage loss

Answer

A Constructive Total Loss

Question 4

In a damage repair valuation, the principle of 'betterment' must be considered, often resulting in a deduction for depreciation. On which of the following items would a surveyor most likely recommend applying depreciation?

Accepted Answer

A 10-year-old canvas bimini top that was destroyed and requires replacement.

Answer

A recently replaced section of damaged steel hull plating.

Answer

Labor costs associated with the fiberglass repair.

Answer

The cost of hauling the vessel for repair.

Question 5

You are the first surveyor on scene after a significant vessel fire has been extinguished. After ensuring the scene is safe to enter, which of the following is the most critical initial step in your damage assessment process?

Accepted Answer

Identify and secure all portable evidence, such as logs, damaged equipment, or remnants of the fire's origin.

Answer

Begin taking photographs of the most heavily damaged areas for the report.

Answer

Interview the captain and crew to get their immediate account of the events.

Answer

Immediately authorize a clean-up crew to remove soot and debris.

Question 6

Which of the following elements is ESSENTIAL to include in a formal damage survey report prepared for an insurance underwriter?

Accepted Answer

The surveyor's opinion on the proximate cause of the loss and a detailed estimate for repairs.

Answer

The vessel's complete maintenance history for the past five years.

Answer

A detailed market valuation of comparable sister-ships.

Answer

A transcript of the interview with the vessel's owner.

A vessel has an agreed insured value of $200,000.Following a grounding incident, the cost to salvage and tow the vessel to a repair yard is estimated at $30,000, and the quoted cost for repairs is $180,000.Based on these figures, how should the surveyor classify the loss?

A vessel has an agreed insured value of $200,000.
Following a grounding incident, the cost to salvage and tow the vessel to a repair yard is estimated at $30,000, and the quoted cost for repairs is $180,000.
Based on these figures, how should the surveyor classify the loss?