"Inspection" vs. "Survey" for refinancing??

[PaintedKite]

I'm refinancing my late-model cruising sailboat, and the bank has conditionally approved me pending an "inspection". They say specifically that the "...inspection to include photos, condition and value."

I've not heard/seen this term before. Is an "inspection" different from a "survey"? And here's the REAL question: can such an inspection be done in the water, generally? (The nearest haul-out facility is 2.5 hrs away.)

Can anyone educate me on how these terms are used in the industry? Many TIA!

[SARswimmer]

The Society of Accredited Marine Surveyors (SAMS®) call it a;

- APPRAISAL INSPECTION -

This type of inspection is performed to gather enough information to justify or determine the vessel's fair market value for financing, estate settlements, donations, and legal cases.

When I perform these, I generally spend about four hours on the boat and then another few hours on research to determine values, etc., to assign the value.

I hope this helps.