DENNIS HEINE MARINE SURVEYOR AND CONSULTANT

Transcription

1 DENNIS HEINE MARINE SURVEYOR AND CONSULTANT ' Cobalt 360 MEMBER OF SOCIETY OF ACCREDITED MARINE SURVEYORS Gulf Shores, AL 36542

2 REPORT OF MARINE SURVEY OF THE VESSEL "" ' Cobalt 360 CONDUCTED BY Nautical Services, Inc. Dennis Heine / A.M.S PREPARED EXCLUSIVELY FOR: Mr. Jerry Collins MEMBER OF SOCIETY OF ACCREDITED MARINE SURVEYORS

3 TABLE OF CONTENTS SECTION PAGE NO. I. INTRODUCTION II. GENERAL INFORMATION III. SYSTEMS HULL DECK AND SUPERSTRUCTURE MAIN CABIN / SALOON PROPULSION FUEL SYSTEM ELECTRICAL SYSTEMS FRESH WATER SYSTEM SANITATION STEERING SYSTEM GROUND TACKLE ELECTRONICS AND NAVIGATION EQUIPMENT BONDING SYSTEM SAFETY EQUIPMENT OUT OF WATER INSPECTION AIR CONDITIONING AND HEAT (AIR CONDITIONING) SEATRIAL REPORT IV. FINDINGS AND RECOMMENDATIONS V. SUMMARY AND VALUATION

4 I. INTRODUCTION SCOPE OF SURVEY Acting at the request of Mr. Jerry Collins, the attending surveyor did attend onboard the motor vessel, "2004 Cobalt 360" beginning on, 0900 hrs where an ''In & out of water-survey'' WAS conducted. The Hull Identification Number FGE36025C404 WAS verified from the Ships Starboard aft quarter. The reason for the survey, was to ascertain the condition and value of the vessel for Pre-purchase concerns. AC and DC power WERE used to check operation of the electrical systems specified in this report. No reference or information should be construed to indicate evaluation of the internal condition of the engines or the propulsion system's operating capacity. Electronic equipment was checked for operation and power-up. This vessel was surveyed without removal of any parts, including fittings, tacked carpet, screwed or nailed boards, anchors and chain, fixed partitions, instruments, clothing, spare parts and miscellaneous materials in the bilges and lockers, or other fixed or semi-fixed items. Locked compartments or otherwise inaccessible areas would also preclude inspection. Owner is advised to open up all such areas for further inspection. Further, no determination of stability characteristics or inherent structural integrity has been made and no opinion is expressed with respect thereto. This survey report represents the condition of the vessel on the above dates, and is the unbiased opinion of the undersigned, but it is not to be considered an inventory or a warranty either specified or implied. CONDUCT OF SURVEY: THE MANDATORY STANDARDS PROMULGATED BY THE UNITED STATES COAST GUARD (USCG), UNDER THE AUTHORITY OF TITLE 46 UNITED STATES CODE (USC); TITLE 33 AND TITLE 46, CODE OF FEDERAL REGULATIONS (CFR), AND THE VOLUNTARY STANDARDS AND RECOMMENDED PRACTICES DEVELOPED BY THE AMERICAN BOAT AND YACHT COUNCIL (ABYC) AND THE NATIONAL FIRE PROTECTION ASSOCIATION (NFPA) HAVE BEEN USED AS GUIDELINES IN THE CONDUCT OF THIS SURVEY. The use of the word ''appears'' is intended to indicate that a close or complete inspection was not possible or it was not deemed appropriate at the time of this survey. The deficiencies reported herein reflect the conditions observed at the time the survey was conducted. Use of asterisks in the body of the report will indicate that a finding will be listed in the Findings and Recommendations section pertaining to the asterisked item, following the body of the report. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 1 of 14

5 II. GENERAL INFORMATION GENERAL INFORMATION FILE NUMBER: P SURVEY PREPARED FOR: Mr. Jerry Collins TYPE OF SURVEY: Pre-Purchase OVERALL VESSEL RATING: Average ESTIMATED MARKET VALUE: $145, ESTIMATED REPLACEMENT COST: $448, YEAR/MAKE/MODEL OF VESSEL: ' Cobalt 360 BUILDER: Cobalt Boats YEAR BUILT: MODEL YEAR: HULL IDENTIFICATION NUMBER (HIN): FGE36025C404 PLACE OF SURVEY: Aqua Yacht Harbor, Iuka, MS DATE/TIME OF SURVEY: /11/ hrs HULL MATERIAL: F.R.P (fiber reinforced plastic) HULL TYPE: Deep-V LENGTH OVER ALL (L.O.A).: ' 0" BEAM: ' 6" DRAFT: ' 3" Drives-up 3' 6" Drives-down DISPLACEMENT: ,710 lb PROPULSION SYSTEM: (2) Volvo FUEL TYPE: Gas. FUEL CAPACITY: gallons. AC POWER: Yes 120 volt. DC POWER: Yes, 12 volt. FRESH WATER CAPACITY: gallons. HOLDING TANK: gallons (as reported) DEFINITION OF TERMS The terms and words used in this report have the following meanings as used in this Report of survey: APPEARS: Indicates that a very close inspection of the particular system, component or item was not possible due to constraints imposed upon the surveyor(e.g. no power available, inability to remove panels, or requirements not to conduct destructive tests). FIT FOR INTENDED USE: Use which is intended by Survey Purchaser(present or prospective owner). SERVICEABLE: ADEQUATE: Sufficient for a specific requirement. POWERS UP: Power was applied only. This does not refer to the operation of any system or component unless specifically "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 2 of 14

6 II. GENERAL INFORMATION DEFINITION OF TERMS: (Continued) indicated. EXCELLENT CONDITION: New or like new. GOOD CONDITION: Nearly new, with only minor cosmetic or structural discrepancies noted. FAIR CONDITION: Denotes that system, component or item is functional as is with minor repairs. (MONITOR OFTEN) POOR CONDITION: Unusable as is. Requires repairs or replacement of system, component or item to be considered functional. USE OF : Use of in the body of this report will indicate that a finding will be listed in the ''Findings and Recommendations'' section pertaining to the item. Asterisks in this General Information section refers to the source of such information as follows: Per Manufacturer's Specifications Refer to Summary and Valuation Section Per USCG Documentation Per Buc Book "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 3 of 14

7 III. SYSTEMS HULL CONSTRUCTION HULL DECK AND SUPERSTRUCTURE TYPE: Deep-V, planing type, with flared bow, hard chines and 22 degrees deadrise aft. MATERIAL: FRP (fiber reinforced plastic) EXTERIOR HULL: White with black accent stripe and no boot top. Intact and serviceable. PORTLIGHTS: Six (6) opening stainless steel portlights, three each port and starboard. BULKHEADS: Athwartships reinforcement enhanced by wood bulkheads bonded to the hull with FRP (fiber reinforced plastic). Appears serviceable where sighted. STRINGERS: Hull stiffness provided by FRP longitudinal stringers. Complete inspection not possible due to limited access. Appears serviceable where observed. TRANSOM: Wood and laminated FRP reinforced transom. BILGE: (Below decks) bilge provided good appearance and maintenance. LIMBER HOLES: Limber holes are of adequate size and clear where sighted. DECK CONSTRUCTION TYPE: Molded FRP (fiber reinforced plastic) with white gelcoat and mild non-skid surface. COCKPIT: FRP (fiber reinforced plastic) with white gelcoat and non skid surface. HULL-TO-DECK JOINT TYPE: The hull to deck joint was of the deck overlap type (coffee can approach) with screw stainless fasteners on estimated 6'' centers. Appeared serviceable where sighted. DECK FITTINGS STANCHIONS: Welded stainless steel rail system. Intact and serviceable. VENTILATION: Provided by hatch topsides and deck. Total of three (3) Bomar hatches Two (2) for ventilation and one (1) for ventilation and egress. appears serviceable RUB-RAILS: Rub-rail consist of a white plastic backing with stainless steel insert. Intact and serviceable. SCUPPERS: Cockpit and deck drains overboard are clear and serviceable. CHOCKS AND CLEATS: All appear thru bolted, secure and serviceable. WINDLASS/GIPSY: [C1] "Maxwell" 800, Intact and operable. DECK SURFACE: White gel coat with molded in non-skid. Condition is serviceable. HATCHES: Three (3) Bomar type aluminum and Lexan for ventilation and egress. Appears serviceable. GRAB RAIL: Stainless rails and stanchions affixed at various places. Appears adequate. ANCHOR PLATFORM: [B1] Stainless steel anchor chute with bow roller. Appears serviceable. WINDSCREEN: Sectional stainless walk-thru framed wrap around windscreen. Intact and serviceable. WIPERS: One (1). Intact and operable SUPERSTRUCTURE CANVAS AND SUPPORT STRUCTURE: The pilothouse bimini and aft canvas is a black acrylic type canvas material. The support structure is stainless framework from the windscreen to arch. Appears intact and serviceable. SUPERSTRUCTURE HOUSE TO DECK JOINT: Molded F.R.P and Gelcoat SEATING AND CUSHIONS: [C2] The vessel exhibits white vinyl material seating and variuos arrangements with aft deck bench seats convertible to lounge seats, a wrap around setee starboard aft, captains and mate chairs and a sundeck pad on the fore deck. OTHER: [C3] The vessel exhibits a PVC track at the aft radius corners for attaching the canvas enclosure. ADDITIONAL EQUIPMENT AND ACCESSORIES FENDERS: Normal and customary. DOCK LINES: Normal and customary. ICE MAKER: "U-Line" Model# ULN-WH95TP-03 Serial# ice maker located: to port at the express bridge. Intact and new. MAIN CABIN / SALOON INTERIOR DESCRIPTION: JOINERY AND FINISH: The joinery and finish of the interior was serviceable where sighted. CABIN BRIGHT WORK: High gloss varnish finish on all wood doors and trim. good condition. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 4 of 14

8 III. SYSTEMS MAIN CABIN / SALOON INTERIOR DESCRIPTION: (Continued) INTERIOR BULKHEADS: Intact where sighted. STORAGE AREAS: The cabinets, lockers, drawers, and shelving were intact. FABRIC AND CUSHIONS: White leather with multi-colored fabrics. Intact and serviceable. FLOOR AND WINDOW COVERINGS: Floor coverings are carpet in the main cabin and galley, and white gelcoat w/ non-skid in the head. HEADS: The MSD (Marine Sanitation Device) is a type II. Appears intact and serviceable. FAUCET FIXTURES: The faucet fixtures and sinks appeared intact and serviceable. LIGHT FIXTURES: 12 volt cabin lights throughout the vessel were operable and in serviceable condition. CABIN SOLE: Serviceable where sighted. AIR CONDITIONING UNITS: (1) One "Marine Air" Marine AC system, located forward under V-berth. CABIN HEATING: Reversible Marine air system for heat. TELEVISIONS: One "Sharp" flat screen. Intact and operable. STEREO, ETC.: "X pod" Model# CDX-F7710 w/ "Farenheit" DVD/MP3/CD player and disc changer. Intact and operable. GALLEY LOCATION: Port side Main cabin. SINKS: Oval s/s at the galley, and a molded-in oval in the express bridge. Appears intact and serviceable. REFRIGERATION: A "Norcold" Model# DC0040 Serial# PQN-0004 refrigerator in the galley. Appears intact and serviceable. STOVE/OVEN: A "Euro Kera" single burner surface top. Intact and operable. MICROWAVE: [B2] "Samsung" Did not operate correctly when tested. PROPULSION MAIN ENGINES TYPE: Two (2) Volvo. MANUFACTURER: Volvo MODEL: 8.1 GXI-DF SERIAL NUMBERS: Serial Numbers: Engine's & Transom Brckt's & Stern Drive's & HORSE POWER: 420 INDICATED HOURS: [C4] 308 starboard port THROTTLE CONTROLS: Morse mechanical lever/cable type, at pilothouse station. FLAME ARRESTOR: [B3] Yes, USCG approved. EMERGENCY SHUT DOWN: At helm main station. ENGINE MOUNTS AND BED: Main engine beds consists of longitudinal stringers inboard and outboard. Adjustable steel motor mounts are bolted to the stringers and the motor mounts to engine. The engine beds appear to be intact and in serviceable condition. DRIP PANS: None sighted. VENTILATION: Natural. BILGE BLOWERS: "Attwood" Turbo 4000 Power blowers. Ignition protected. EXHAUST SYSTEM: "Corsa" wet exhaust system runs aft from the exhaust risor to a flexible connection to the thru hull discharge. Appears intact and serviceable. ENGINE HATCH: The vessel exhibits an engine hatch operated via one (1) electro-mechanical 12 volt motor and single ram. The motor is a "Motion" Model# PV26162O - Part# , Ignition protected. Intact. COOLING SYSTEM TYPE: Freshwater reservoir heat exchanger type cooling with raw water wet exhaust. Intact and serviceable. COOLANT LEVEL: Normal level observed. HOSES AND CLAMPS: Most engine distribution, discharge, intake and other plumbing hoses are in generally good service life condition. BELTS AND PULLEYS: Appear intact and in serviceable condition. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 5 of 14

9 III. SYSTEMS COOLING SYSTEM (Continued) PROPULSION RAW WATER INTAKE IMPELLERS: Recommend: servicing raw water intake impellers as needed. Typical replacement schedule is once every year with light use, and once every two years with regular use. FUEL SYSTEM MAIN ENGINE(S) FUEL SYSTEM FUEL TYPE: Gas. MATERIAL: 5052-H32 Aluminum. NUMBER OF TANKS: (2) two. TANKS CAPACITY: 87 gallons each. SECURED: Yes. LOCATION: Fuel tanks are port and starboard, outboard in the main engine room. Appears serviceable. MANUFACTURING LABEL: Yes, Sighted. FILL PIPE LOCATIONS: Starboard aft quarter, marked for "Gas" FILL PIPE GROUNDED: [B4] Yes, appears partially grounded. FILL PIPE MATERIAL: USCG Type A2. HOSE CONNECTIONS, CLAMPS: Appears serviceable and double clamped where sighted. FUEL LINES AND FITTINGS: Grade USCG type A1. Appears serviceable where sighted. RETURN LINES: Grade USCG type A1. Appears serviceable where sighted. FUEL MANIFOLD VALVES: Ball type valves, operable. FUEL FILTERS: Yes. engine mount spin on/off type. ELECTRICAL SYSTEMS ELECTRICAL SYSTEM (D.C. SYSTEM) VOLTAGE: 12 volt system. Appear intact and serviceable. BATTERIES: [B5] Five (5) "Deka" 800 cca, Appeared intact. MAIN BATTERY SWITCHES: Perko rotary type, three (3). Appears intact and serviceable. PANEL: Overcurrent Protection: Circuit breakers. Location: Port side aft main cabin. Access: Serviceable. BREAKERS/FUSES: Eight (8) individually marked 12 Volt toggle breakers. Appear intact. ROUTING/SUPPORT: Mainly secured and supported where sighted. CHARGING SYSTEM: Alternators on main engines, and battery charger. Appears serviceable. CHARGING SYSTEM (BATTERY CHARGER): "Xantrex" Freedom Marine 25 Model# inverter/charger. Appears serviceable. ELECTRICAL SYSTEM (A.C. SYSTEM) SHORE POWER INLET: Port aft quarter. Appears intact and serviceable. SHORE POWER CORD: Cord: One (1) 20' long 30 amp. Condition: Appears serviceable. AC SOURCE SELECTOR SWITCH: Switch type: Manual plastic toggle type, line 1 & line 2. Located: port aft quarter in locker. Intact and serviceable. BRANCH BREAKERS: Number: eleven (11) individually switched branch breakers w/ analog gauge. Location: Main A.C/DC. panel main cabin. CIRCUIT LOAD MONITORS: Yes, analog gauge at the main electric panel. Appears intact. WIRE TYPE (SIZE AND RATING): Size and rating per ABYC, where sighted, serviceable for intended use. ROUTING: Mainly secured and supported where sighted. OUTLETS: Various A.C. outlets available throughout yacht, appear adequate and conveniently located. Tested ok for proper polarity. GFCI (ground fault circuit interrupter) outlets sighted at various locations. Tested OK, Appear serviceable. POLARITY: Checked: At A.C. outlet, polarity normal. ISOLATION TRANSFORMERS: The vessel exhibits two (2) "Charles" Isolation Transformers, Line 1 & Line 2 - Serial#'s & Intact and serviceable. GENERATORS MANUFACTURER: "Kohler" "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 6 of 14

10 III. SYSTEMS GENERATORS (Continued) ELECTRICAL SYSTEMS SERIEL: Generator serial# FUEL TYPE: Gas. KILOWATT RATING: 5 kw. VOLTAGE RATING: 120 LOCATION: On center, below decks at express bridge. FLUID LEVELS: Coolant normal. Oil normal. COOLING SYSTEM: Closed coolant and raw water wet exhaust type. FUEL SUPPLY: Fuel System: Engine mounted mechanical pump. serviceable. FUEL FILTER: Remote Racor filter/water separator and engine mount spin on/off type. Intact and serviceable. EXHAUST SYSTEM: "Naqualift" type FRP (fiber reinforced plastic). Raw water cooled with FRP canister, flexible coupling sections double clamped where sighted. Appears serviceable. SEACOCK: [B6] Bronze ball valve type. Intact and operable. STRAINER AND HOSES: [B7] Perko sight style strainer, intact and serviceable. NOTE: [A1] The Generator space is a 33" X 38" closed space bordered outboard by both fuel tanks and does not exhibit an independent power ventilation system (blower system) FRESH WATER SYSTEM FRESH WATER SYSTEM: CAPACITY: (1) ea.34 gallons total MATERIAL: 5052 H32 Aluminum FILL PIPE LOCATION: Port aft quarter at gunwale. ACCUMULATOR TANK: "Flojet" Model# Serial# 04C Intact and serviceable. PUMPS: "Flojet" Model# Serial# 04C Intact and serviceable. FILTERS: In-line at tank location. Location: mid berth under deck plate. HOSES AND CLAMPS: Spinnaker and Quest type for distribution and sanitation type for fill. Appears intact and serviceable. DOCK SIDE PRESSURE REGULATOR: Not sighted, but highly recommended. FRESH WATER SYSTEM (HOT WATER SYSTEM) TYPE: Electric MANUFACTURER: "Seaward" Model# F-700 Serial# CAPACITY: 6 Gallons. LOCATION: Starboard express bridge under deck sole at helm. PRESSURE RELIEF VALVE: Yes, copper pressure relief valve built into tank. Drainage: plastic hose led to bilge. IGNITION PROTECTION: Yes, Ignition protected. SANITATION (BLACK WATER) MANUFACTURER: "SeaLand" MANUAL OR ELECTRIC TYPE: Electric NUMBER OF HEADS: One (1) LOCATION OF HEADS: Starboard aft main cabin. M.S.D TYPE USCG SYSTEM: Certification Type: MSD U.S.C.G. Type II, and holding tanks. CAPACITIES: 28 gallons, as reported. DECK FITTING: The pump-out deck fitting is located: port side aft quarter at gunwale, marked for "Waste" STEERING SYSTEM STEERING SYSTEM NUMBER OF STATIONS: One (1) LOCATIONS: Express bridge. MOUNTING: Tie bar appeared well secured. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 7 of 14

11 III. SYSTEMS GROUND TACKLE GROUND TACKLE ANCHORS: Yes, CQR style Approx 15 lbs. ELECTRONICS AND NAVIGATION EQUIPMENT ELECTRONICS AND NAVIGATION EQUIPMENT VHF: "Raymarine" Ray 215. Powered-up CHART PLOTTER: "Raymarine" Pathfinder RL70. Powered-up and operated. COMPASSES: One (1) - Ritchie 5" ANTENNAS: All antennas sighted and affixed to vessel appeared to be intact and secure. BONDING SYSTEM BONDING SYSTEM MAIN BONDING CONDUCTOR: It appears that there is not a main bonding conductor on the vessel. Bonding and Lighting protection are a matter of individual interpretation of the principals involved. The ABYC suggests bonding all metallic below waterline thru-hull fittings and to construct a Cone of Protection for lighting protection. See Bonding section in the ABYC section E-1& E-4-6d. ENGINES AND GENERATORS: Appears to be grounded. SAFETY EQUIPMENT SAFETY EQUIPMENT (UNITED STATES COAST GUARD) NUMBER AND TYPE OF PFD'S: [A2] None sighted. NUMBER OF THROWABLE PFD'S: [A3] None sighted. FIRE EXTINGUISHERS: [A4] Three (3) ABC "Kidde" hand held type at various locations. VISUAL DISTRESS SIGNALS: [A5] None sighted. SOUND DEVICES: Horn: Double trumpet 12 volt. Operable. NAVIGATION LIGHTS: Navigation lights were checked for operation. Tested operable. INLAND NAVAGATION RULE BOOK< (12M-39'4"): None sighted. "NO OIL DISCHARGE" PLAQUE: Yes, Sighted. TRASH DISPOSAL PLACARD: [A6] None sighted. AUXILIARY SAFETY EQUIPMENT E.P.I.R.B.: No, but highly recommended. SMOKE DETECTOR: [A7] Not sighted. FIRE ALARMS: No. Highly recommended. BILGE WATER ALARM AND SAFETY SWITCHES: No. This item is very highly recommended. FIXED FIRE EXTINGUISHING SYSTEM (HALON TYPE): [A8] Yes in engine compartment (1) type "Fireboy" FE241. Automatic thermal activation. SEARCH LIGHT: "ACR" Model# RCL-100D Serial# Intact and operable. FIRST AID KIT: None sighted. FUME SNIFFER ALARM SYSTEMS: [A9] Two (2) "CO" carbon monoxide fume detectors sighted. One (1) "Fireboy" Xintex in the forward cabin, tested operable. One (1) aft in the mid berth is missing. RE-BOARDING LADDER: The vessel exhibits a telescopic re-boarding ladder integrated into swim platform. Intact and serviceable. BILGE PUMPS LIST: (2) Two Below deck bilge pumps checked for operation. Intact and serviceable OUT OF WATER INSPECTION BELOW WATERLINE MACHINERY PROPELLER(S): [B8] Two (2) "Volvo Duo props" three bladed stainless. TRIM TABS: Hydraulic trim tabs operated normally. TRIM TAB PUMP: Pumps. Operated normally. DRIVES: The port and starboard drives appeared intact and without damage, however, both drive units exhibited minor electrolysis blistering and corrosion. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 8 of 14

12 III. SYSTEMS OUT OF WATER INSPECTION BELOW WATERLINE MACHINERY (Continued) DRIVE ZINCS: Appeared intact and serviceable. Minor deterioration. CONDITION OF HULL (WETTED SURFACE) BLISTERS: None Sighted. CONDITION OF BOTTOM PAINT: Good condition. AIR CONDITIONING AND HEAT (AIR CONDITIONING) AIR CONDITIONING AND HEAT (AIR CONDITIONING) MANUFACTURER: MarineAir. Model# VCD12K/1-HV Serial# VC00763 NUMBER OF UNITS: One (1) LOCATION: Main cabin under at V-berth in main cabin. BTU CAPACITY: 12,000 BTU THRU-HULL STRAINER: Yes, Perko sight style. In the engine room. Intact and serviceable. HOSES, CLAMPS AND CONNECTORS: Appear to be adequately sized and serviceable for application. RAW WATER COOLING PUMP: 115 volt electric pump system is equipped with a seacock and strainer assembly. Intact and serviceable. SEACOCK: The Marine AC system utilizes a bronze ball valve for raw water intake. Intact and serviceable. SEATRIAL REPORT OBSERVATIONS OBSERVATIONS: 1. The engines started without excessive cranking. 2. The engine exhaust appeared adequate and normal. 3. The engine instruments operated within normal operating limits at idle, cruising speed, and maximum throttle. 4. The steering system operated normally. 5. The throttles operated normally. 6. The transmissions operated normally/smoothly. 7. The backdown test was satisfactory. 8. There were NO above normal vibrations noted. 9. The trim tabs operated normally. 10. There were no oil or coolant leaks observed. (On main engines or in exhaust water) "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 9 of 14

13 IV. FINDINGS AND RECOMMENDATIONS Deficiencies noted under ''SAFETY'' should be addressed before vessel is next underway. These findings represent an endangerment to personnel and/or the vessel's safe and proper operating condition. Findings may also be in violation of U.S.C.G. regulations. Deficiencies noted under ''OTHER DEFICIENCIES'' should be corrected in the near future so as to maintain standards and to help the vessel to retain it's value. Deficiencies will be listed under the appropriate heading: A. SAFETY DEFICIENCIES B. OTHER DEFICIENCIES NEEDING ATTENTION C. SURVEYORS NOTES AND OBSERVATIONS A. SAFETY DEFICIENCIES: FINDINGS RECOMMENDATIONS A.1 (PAGE 7) The generator space did not appear to exhibit any type power ventilation system. A.2 (PAGE 8) USCG requires an approved PFD for everyone onboard while underway. A.3 (PAGE 8) No type IV throwable device sighted. A.4 (PAGE 8) Fire fighting equipment is of the throw away type and therefore would not exhibit certifications or certification tags. A.5 (PAGE 8) No Day/night visual distress signals and/or hand held flares sighted. A.6 (PAGE 8) No "Trash disposal Placard" sighted A.7 (PAGE 8) No smoke detector sighted. Recommend: Investigate further, the need for power ventilation in a confined space with a cranking motor using gasoline. Refer to" ABYC H Each compartment not open to the atmosphere or naturally ventilated that has a permanently installed gasoline engine with a cranking motor must be ventilated by an exhaust blower system. Comply with USCG Safety Regulations. Comply with USCG Safety Regulations. CFR Each vessel 26' in length or longer must have at least One (1) USCG Approved Ring Life Buoy. Recommend: installing fire fighting equipment that's serviceable, inspected and strategically located on the vessel. Comply with ABYC and NFPA recommended standards for fire protection. Comply with USCG regulations for Visual Distress Signals. Comply with USCG regulations for Trash dumping. CFR NFPA Smoke Detection: All vessels 26 ft (8m) or more in length with accommodation spaces intended for sleeping shall be equipped with a single station smoke alarm that is listed to UL 217 "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 10 of 14

14 IV. FINDINGS AND RECOMMENDATIONS FINDINGS A.8 (PAGE 8) No current inspection or certification tags on fixed fire suppression equipment in engine space. A.9 (PAGE 8) "CO" detector in mid berth accommodation space is missing. A. SAFETY DEFICIENCIES: RECOMMENDATIONS Compliance with ABYC and NFPA recommended standards for fire protection. Refer to: ABYC A-4.Ap At least once a year, a full maintenance check should be made by a qualified fire extinguisher service facility in accordance with the maintenance instructions on the name plate of the extinguisher. Recommend: installation of Carbon Monoxide detectors in accommodation spaces keeping with accepted marine requirements per ABYC A B. OTHER DEFICIENCIES NEEDING ATTENTION: FINDINGS RECOMMENDATIONS B.1 (PAGE 4) Safety turnbuckle from anchor chain to eye bolt was un-attached. B.2 (PAGE 5) The microwave unit did not operate correctly when tested. B.3 (PAGE 5) The port engine flame arrestor is loose B.4 (PAGE 6) The forward fuel fill on the starboard aft quarter is grounded, the aft fuel fill is NOT grounded. B.5 (PAGE 6) Batteries exhibit no full covers and partial terminal lug boots, securing straps are intact. Recommend: affixing the safety device from anchor rode to eye bolt to prevent accidental discharge of anchor overboard while underway. Recommend: repair or replace the unit as needed. Recommend: affix and secure as needed. Recommend: Comply with recommended fuel grounding procedures per ABYC H Each metal or metallic plated component of the fuel distribution system which is in contact with the fuel, should be grounded. Recommend: Providing proper battery box installations for all batteries, install full covers or at a minimum full boot, terminal lug boots, and provide securing straps on all batteries. ABYC E CFR NFPA B.6 (PAGE 7) The seacock appears intact and operable, however, the hose is single stainless steel clamped. B.7 (PAGE 7) The generator raw water intake hoses from the seacock to the strainer are single stainless steel clamped or missing clamps entirely. Replace with double marine grade stainless steel clamps, (2) per connection on all below the waterline thru-hull fittings where applicable. Recommend: replacing or renewing all below the water line hoses with double stainless steel clamps where applicable. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 11 of 14

15 IV. FINDINGS AND RECOMMENDATIONS FINDINGS B.8 (PAGE 8) The port drive forward three bladed propeller exhibits a 1/4" of deflection on one blade tip. B. OTHER DEFICIENCIES NEEDING ATTENTION: RECOMMENDATIONS Recommend: Investigate further and renew, replace or re-condition as needed in keeping with accepted marine repair practices. C. SURVEYOR'S NOTES AND OBSERVATIONS: FINDINGS RECOMMENDATIONS C.1 (PAGE 4) There is a small gelcoat chip (5/16" of an inch) to starboard under the deck hatch next to the anchor windlass C.2 (PAGE 4) 1. The port aft lounge seating cushion has a small tear in the aft outboard corner. 1. Recommend: Further investigate and repair with like kind materials in keeping with accepted marine repair practices. 2. The port and starboard side adjustable aft lounge seat backrest framework fasteners are adrift. C.3 (PAGE 4) The starboard aft radius corner PVC track exhibits a cracked and deteriorated section approximately 8" long. C.4 (PAGE 5) The starboard engine hour meter glass is cracked. 2. Recommend: Further investigate and repair with like kind materials in keeping with accepted marine repair practices. Recommend: repair track section as needed in keeping with accepted marine repair practices. Recommend: repair/replace as needed. NOTE: It is recommended that all below the water line thru-hulls, seacocks and deficient hoses be serviced. A safety factor of having a proper sized wooden plug attached to each thru hull and/or seacock would function as an emergency plugging device in an emergency. "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 12 of 14

16 V. SUMMARY AND VALUATION STATEMENT OF OVERALL VESSEL RATING OF CONDITION: It is the surveyor's experience that develops an opinion of the OVERALL VESSEL RATING OF CONDITION After a the survey has been completed and the findings have been organized in a logical manner. The grading of condition, developed by BUC RESEARCH, and accepted in the marine industry, for a vessel at the time of survey, determines the adjustment to the range of base values in the BUC USED BOAT PRICE GUIDE, for a similar vessel sold within a given time period, as a consideration to determine the Market Value. The following is the accepted marine grading system of condition: ''EXCELLENT (BRISTOL) CONDITION'', is a vessel that is maintained in mint or bristol fashion - usually better than factory new - loaded with extras - a rarity. ''ABOVE AVERAGE CONDITION'', has had above average care and is equipped with extra electrical and electronic gear. ''AVERAGE CONDITION'', ready for sale requiring no additional work and normally equipped for her size. ''FAIR CONDITION'', requires usual maintenance to prepare for sale. ''POOR CONDITION'', substantial yard work required and devoid of extras. ''RESTORABLE CONDITION'', enough of hull and engine exists to restore the boat to usable condition. As a result of my investigation, as shown in the SYSTEMS AND FINDINGS AND RECOMMENDATIONS section of this REPORT OF SURVEY, and by virtue of my experience, my opinion is OVERALL VESSEL RATING: AVERAGE STATEMENT OF VALUATION: 1. The ''FAIR MARKET VALUE'' is the most probable price in terms of money which a vessel should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what they consider their own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. The price represents a normal consideration for the vessel sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Therefore, after consideration of the reliability of the data, the extent of the necessary adjustments and condition of the vessel, it is your surveyor's opinion that the ''FAIR MARKET VALUE'' of the subject vessel is: $145, One Hundred Forty Five Thousand Dollars and Zero cents 2. The ''ESTIMATED REPLACEMENT COST'' indicates the retail cost of a new vessel of the same make/model with similar equipment offered by the same manufacturer. ''ESTIMATED REPLACEMENT COST'' of the subject vessel is: $448, Four Hundred Forty Eight Thousand Dollars and Zero cents "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 13 of 14

17 V. SUMMARY AND VALUATION SUMMARY: In accordance with the request for a Marine Survey of the vessel "2004 Cobalt 36' 360'", and for the purpose of evaluating its present condition and estimating its Fair Market Value and Replacement Cost, I herewith submit my conclusion based on the preceding report. The subject vessel was personally inspected by the undersigned on 11 September, 2010, and was found to be consistent with a vessel of average maintenance and care. The value of this vessel is subject to, the correction of deficiencies listed in the deficiency section, any repairs necessary to maintain the value of the subject vessel, and any maintenance necessary to maintain the vessel's value and suitability for service of it's intended use. SURVEYOR'S CERTIFICATION: I certify that, to the best of my knowledge and belief: The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the vessel that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulate result, or the occurrence of a subsequent event. I have made a personal inspection of the vessel that is the subject of this report. This report is submitted without prejudice and for the benefit of whom it may concern."this survey sets forth the apparent condition of the vessel and its areas open to inspection; including hull, machinery, equipment, fittings, fastenings and gear. Unless expressly stated otherwise; there have been no borings, no removal of bulkheads, panels, ceilings or other portions of her structure not otherwise accessible for inspection. Also, unless expressly stated, there has been no operation or opening or removal of any portion of her machinery, electronics, auxiliaries, tanks or fittings for internal examination. Unless expressly stated herein; sails, lights aloft, spars aloft and rigging aloft were not examined; nor was any evaluation made of the vessel's stability. This survey represents the surveyor's honest and unbiased opinion of the vessel's condition. This survey is not a warranty of condition, express or implied, nor does it create any liability on the part of the surveyor or his employers arising out of the reliance on the information contained herein by third persons who are not parties to this survey. Information furnished by others is assumed correct, but the surveyor makes no warranty as to the correctness of information not capable of being confirmed readily by inspection." The digital pictures contained in the body of this report were taken by the attending surveyor(s). We certify that the content of these pictures have not been changed and/or altered." "This report is based only on the facts presently available to the surveyor in attendance at the time of survey and is submitted without prejudice to the right of whom it may concern. The right to amend and/or supplement this report should additional information be made available is, reserved. Certification of said report is bound only by reports that are affixed and/or stamped with a corporate or accredited seal, ed or faxed reports are valid reports, however, will not be considered certified. Attending Surveyor: Dennis Heine - AMS# 914 "" surveyed by Dennis Heine - Gulf Shores, AL File No: 12610P Page 14 of 14

18 BATTERIES - FULL COVERS OR FULL TERMINAL LUG BOOTS RECOMMENDED SAME

19 DRIVES - EXHIBIT SOME MINOR ELECTROLYSIS PITTING SAME

20 ENGINE DATA SAME

21 GENERATOR RAW WATER INTAKE SEACOCK SINGLE CLAMPED GENERATOR STRAINER INTAKE MISSING STAINLESS CLAMPS

22 HULL# SAME

23 IN-WATER OVERALL SAME

24 AFT LOUNGE SEATS - FASTENERS ADRIFT SAME

25 FUEL FILLS - AFT FUEL FILL NOT GROUNDED MISSING MID-BERTH "CO" DETECTOR

26 TEAR IN PORT AFT LOUNGE CUSHION PVC TRACK AT STARBOARD AFT QUARTER CRACKED

27 GENERATOR DATA STARBOARD ENGINE HOUR METER GLASS CRACKED

28 OUT-OF-WATER OVERALL SAME

29 OUT WATER SAME