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Bill Melbostad-Worldwide Marine Surveys, LTD. Condition & Valuation Survey #13-160 33’ Soverel 6/17/2013 of 13

BILL MELBOSTAD, CMS Worldwide Marine Surveys, Ltd.

Member, National Association of Marine Surveyors Post Office Box 965, Tiburon CA 94920

(510) 465-2527 Fax: (510) 465-7014 mobile/text: (415) 860-3495

[email protected]

STANDARDS USED IN INSPECTION OF THE VESSEL INCLUDE ABYC, NFPA,

USCG AND THE STATE OF CALIFORNIA

CONDITION & VALUE SURVEY

of

S/V GOOD & PLENTY

The Captioned Vessel


PARTICULARS

REPORT#: 13-160 DATE: June 17, 2013 OWNER: Mr. Justis E. Fennell

161 Scenic Ave Piedmont, CA 94611

SURVEY REQUESTED BY: Mr. Justis E. Fennell WHERE SURVEYED: Bay Marine Boat Works, Richmond, CA AFLOAT/HAULED: Hauled, lying in stands VESSEL NAME: GOOD & PLENTY TYPE: Sail/sloop SERVICE: Private/pleasure HOME PORT: San Francisco, CA WATERS NAVIGATED: San Francisco Bay and its tributaries, plus 30 nautical

mile radius from Mile Rock OFFICIAL #: Not applicable

CALIF. REG#:

HULL ID #: PCX33013D585 BUILDER: Pacific Boat Works, Santa Cruz MODEL YEAR: 1985 BUILDER: Pacific Boat Works MODEL YEAR: 1985 LAST HAULED: September, 2011, reported LOA: 33.0’ BEAM: 11.0’ DRAFT: 5.83’ DISPLACEMENT: 5,800 Lbs. VESSEL COLOR SCHEME: White topsides with grey stripes, black bottom and

canvas, white decks and cabin, grey non-skid decks

MACHINERY MAIN ENGINES: Single cylinder diesel MAKE: Yanmar MODEL: 10GM10


SERIAL #: 16259 HP: 10 @ 3600 RPM YEAR INSTALLED: Not reported, not the original engine COOLING: Direct water EXHAUST SYSTEM: Wet horizontal, through rubber hose, Vetus water-lock,

exits transom ENGINE CONTROLS: Morse single lever, with solid push/pull cables GAUGES/ALARMS: Yanmar factory panel with tachometer, light & audible

oil pressure and engine temperature alarms STEERING: Tiller RUDDER: FRP elliptical spade composite rudder

DRIVE SYSTEM

TRANSMISSION: Kanzaki RATIO: 1.0:1 Suspected SHAFT: ¾” Stainless steel STRUT(S): Bronze tee PROPELLER: Martec Elliptical 14 x 10 right hand two-bladed folding BEARINGS: Sleeve cutlass PACKING GLAND: Threaded bronze log

VENTILATION SYSTEM NATURAL: Yes BLOWER: No

FIRE PROTECTION

SIZE TYPE LOCATION DATE SERVICED 3.0 Lbs. ABC Dry chemical- Main cabin 2007

FUEL SYSTEM FILTRATION: Racor R20S TANKS/CAPACITY: Aluminum, 7 gallons LOCATION: Under starboard settee SECURING: To FRP liner FILLS/VENTS/DRAWS: From top, vented to atmosphere VALVES AND LINES: Shutoff valve not sighted. USCG approved rubber hose SPARK ARRESTER: Not required, diesel FUEL SYSTEM CONDITION: Satisfactory


PLUMBING

WATERCLOSETS/HEADS: Jabsco manual MSD: Type III, plastic holding tank HOT WATER HEATER: None HOSES: Rubber & plastic POTABLE WATER: Not sighted SINKS: Stainless steel

PUMPS 1 Manual bilge pump 1 Galley hand manual supply pump

SEA CONNECTIONS

PURPOSE

VALVE TYPE THROUGH-HULL TYPE

LOCATION APPARENT CONDITION

Engine intake Forespar inline Marelon ball

Threaded Marelon plastic

Starboard quarter berth

Satisfactory

Head discharge

Forespar inline Marelon ball


Starboard settee

Satisfactory

Head intake Forespar inline Marelon ball


Under head

Satisfactory

Knotmeter transducer

Plastic plug Threaded plastic housing

Fore peak

Satisfactory

Depth sounder

transducer

Plastic plug

Threaded plastic housing

Fore peak

Satisfactory

USCG REQUIRED EQUIPMENT HORN/BELL: Yes LIFEJACKETS: 3 Child Small Type III, 2 Medium Type III, 2

Medium/Large, Type III, 2 Large Type III, 2 X Large Type III

THROW-ABLE DEVICE: Yes, Horseshoe PLAQUES: Yes FLARES: Expired, 2010 NAVIGATION LIGHTS: Yes, operable ESCAPE HATCH: Yes, fore peak CO/SMOKE DETECTORS: Not sighted


COMPLIANCE: See Summary & Recommendations

SPECIAL/OTHER EQUIPMENT

1 Mainsail cover 1 Tiller cover 2 Winch handle holders 1 Aluminum spinnaker pole 4 Plastic cockpit cup holders 1 Igloo ice chest 1 Jensen JSN96 stereo 4 Bose 151 speakers 2 Plastic articulating stern pulpit chairs 1 Fender 1 Spinlock telescoping tiller extension 1 Wood cockpit table 1 Boson chair 1 5-Gallon Gerry can 1 Carbon fiber spinnaker pole

1 Lewmar 10” chromed bronze locking speedball winch handle 1 Barient 10” chromed bronze locking winch handle 2 Snatch blocks 2 Schafer jib cars Plastic tool box with miscellaneous hand-tools Cabin sole plastic grating 1 30 Amp shore power cord 1 Shore power adapter 1 Life harness 1 West Marine armored 7 x 42 binoculars 1 Set soft wood taper plugs 1 Plastic bucket

ELECTRONICS/NAVIGATION 1 Suunto bulkhead compass 1 Nexus Star Sea Data digital knotmeter/depthsounder

GALLEY EQUIPMENT STOVE: Origo 4000 FUEL: Alcohol wadding VALVING: Self-contained INSTALLATION: Satisfactory REFRIGERATION: Ice box

AC/DC ELECTRICAL DC VOLTAGE: 12 Volt BATTERIES: Two 12 volt lead-acid SWITCHES: Perko vapor-tight BATTERY INSTALLATION: See Summary & Recommendations DC CIRCUIT PROTECTION: Breakers AC VOLTAGE: None WIRING CONDITION: See Summary & Recommendations


DECK HARDWARE 2 Harken check stay adjustable tracks 6 Aluminum jib lead tracks 4 Aluminum toe rail tracks 5 Spinlock XAS halyard clutches

1 Harken spinnaker pole butt-lift system 2 Harken jib sheet turning blocks 1 Adjustable backstay cascade

RIGGING

MAST: Ballenger anodized aluminum double spreader, keel stepped

BOOM: Painted aluminum, with end boom sheeting SAILS: Santa Cruz 2006 .75 cruising spinnaker, Santa Cruz

2007 cruising Dacron main, #4 70%, Kevlar #1 155%, #2 125%, #3 90%, 0.6 oz tri radial kite, North 2008 Kevlar mainsail

STANDING RIGGING: Navtec toggled turnbuckles & stainless steel solid rod WINCHES: Two Lewmar #40 two-speed cabin-top, two Lewmar #44

two-speed cockpit primary LIFELINES/RAILS: Stainless steel single rail pulpits, with vinyl coated

lifelines ANCHOR: Danforth, 15 Lbs. estimated RODE: Three strand nylon 125’ x ½” CHAIN: Galvanized, 3/8” x 25 estimated

SUMMARY

SCOPE OF SURVEY ENGAGEMENT The sole purpose of the survey was to determine the vessel’s condition and value for underwriting purposes: to note the vessel’s general condition, inventory of onboard equipment, documentation, and hull identification numbers. On June 17, 2013 the vessel was inspected while hauled and lying in stands at Bay Marine Boat Works, in Richmond, CA. Attending the survey were the owner, Mr. Justis E. Fennell, and the undersigned marine surveyor, Mr. Bill Melbostad. GENERAL DESCRIPTION & CONDITION The subject vessel, GOOD & PLENTY, is a Soverel 33’ ultra-lightweight racing sloop, of proven design and construction. There were several authorized builders of the Soverel 33’, and the captioned


vessel was constructed by Pacific Boat Works, in the Santa Cruz area. Pacific Boat Works and its owner, George Olson, were renowned for pioneering the construction of high quality lightweight racing boats, which were made in the late 1970s and into the 1980s. Cosmetically, the vessel is in excellent condition for her age, with gel-coat maintaining some of its original gloss and mostly free of stress and spider cracking. The deck layout consists of a self-bailing cockpit with a walkthrough transom, protected by coamings. There are flush side and fore decks, and a raised trunk cabin. The decks are fiberglass reinforced plastics (FRP), and sandwich construction of E-glass, vacuum bagged and impregnated with Vinylester resin, with ½” end grain Balsa cores. The decks, cockpit, and cabin surfaces were tap-tested with a 12 oz. plastic hammer. They were found sound and solid, with no indication of delaminations, voids, or other anomalies. The decks were spot-checked with a Protimeter Aqunet moisture meter, and no indications of water migration into the deck matrix, or elevated readings were recorded. Visual inspection revealed areas on both the port and starboard side decks, adjacent to the cabin sides, showing gel-coat repairs to facilitate the installation of jib lead tracks for a #2 headsail. Further, there was cracking adjacent to the starboard aft stanchion base. The previous deck repair is of note only, and not of structural significance. As discussed with the owner, it is advised to repair the cracking area adjacent to the stanchion base, with the additional use of backing/doubler plates. Otherwise, the decks are free of physical harm, damage, or indications of previous repairs.

The interior accommodations are comprised within a two cabin layout. The forward cabin

has a manual head and is mostly dedicated to sail storage. The main cabin has a quarter berth, a pilot berth, and a navigation station to starboard. To port are both a pilot and quarter berth, and a galley. The interior liners and wood work are in good condition for their age. The cushions were removed at the time of inspection. The bow pulpit through bolts showed indication they have been leaking. Otherwise, there were no signs of deck, window, or hatch leaks seen in the interior. For internal reinforcement the vessel relies upon

plywood bulkheads, and a FRP molded liner, which are bonded to the hull. The deck-to-hull joint is an overlapping horizontal flange, which is joined via heavy bonding. The keel bolts are stainless steel, and are free of pitting, rusting, or other forms of corrosion. The mast is stepped upon a FRP girder system; there was no indication of compression or strain seen on the mast step. The rigging loads are supported via stainless steel tie-rods attached to the liner. Signs of corrosion were seen on the starboard side aluminum anchor block that connects the tie rod to the chain-plate. Inspecting the tie-rod assembly and the


corresponding aluminum block, and repairing as deemed necessary is recommended. A thorough inspection of the interior and its structural sub-assemblies revealed no movement, failed secondary bonds, or soft or decayed wood. Much of the interior is sealed in with liners, cabinetry, and tanks, making complete inspection impossible. SPARS & RIGGING The Ballenger aluminum mast reportedly was replaced in the 1990s, and is in good cosmetic condition, with the anodizing coatings free of significant bubbling, or coating failures. The painted boom is suspected to be original, and is showing mild bubbling of the linier polyurethane coatings. The mast is centered, in-column, and properly tuned in the vessel. The rigging was examined with a 10X magnifying at deck level, and no kinked, bent rod, or cracked or misaligned fittings were noted. However, rod rigging requires disassembly for a thorough and complete examination. Furthermore, Navtec, the rigging manufacturer, recommends a level C of rod rigging inspection on six-year intervals. More information can be found at Navtec’s website: http://www.pcmarinesurveys.com/Rigging%20Navtec%20service.pdf The bow pulpit was slightly loose on it fasteners, and as previously mentioned, the starboard aft stanchion is moving slightly. Otherwise, the pulpits and stanchions were well secured to the vessel. The vinyl coated lifelines were free of chafed or worn coatings, and there were no cracked swages noted. The winches turned easily, and appear well maintained. The Dacron and Spectra type double braid rigging is in good condition, and free of wear, chafe, or UV damage on the covers. The anchor, rode, and chain are stored in the forepeak in a manner that appears readily deployable. The ground tackle is adequately sized for most sea and wind conditions expected when anchoring. PLUMBING For sea-connections shutoff valves, the vessel relies upon Forespar Marelon inline ball valves. Inspection of the valves found them in satisfactory and operable condition. However, exercising valves more frequently is advised, to prevent them from becoming frozen. The through-hulls are Forespar’s proper companion, intended to be used with the Marelon valves. The through hulls are in satisfactory condition, with no indications of weeping or other concerns. The corresponding hoses are in serviceable condition, where visible and inspected.


ELECTRICAL The vessel has only a DC electrical system aboard. The wiring system is well loomed and corrosion-free, where visible and inspected. The DC system is powered via the two 12 volt lead-acid batteries, and is routed through the Perko vapor-tight battery switch, and the feeder panelboard. The batteries are charged by the engine mounted alternator. The DC overcurrent protection is via resettable breakers and inline fuses, which is sufficient. Inspection of the batteries showed their tie-down strap missing. It is recommended to replace the strap and secure the batteries per ABYC E-10: ABYC E-10.7.4 Each installed battery shall not move more than one inch (25mm) in any direction when a pulling force of 90 pounds (41kg) or twice the battery weight, whichever is less, is applied through the center of gravity of the battery as follows: 10.7.4.1 vertically for a duration of one minute, and 10.7.4.2 horizontally and parallel to the boat's centerline, for a duration of one minute fore and one minute aft, and 10.7.4.3 horizontally and perpendicular to the boat's centerline for a duration of one minute to starboard and one minute to port. ENGINE & MACHINERY The engine is securely mounted upon a FRP engine bed. The mounts are sound and solid, with the bushings maintaining their resiliency, and the adjusting studs mostly appearing workable. There were minor coating failures on the engine block and timing gear cover, adjacent to the raw water pump. Otherwise, the engine coatings are holding up well, with little rust or corrosion. The fluids were checked and the oil was found topped off but slightly black. The transmission was mildly overfilled, but the fluid quality appeared normal. There were no indications of significant oil, fuel, or cooling water leaks seen. The vessel was inspected while hauled; therefore test running the engine was not possible. The engine reportedly is in good running condition. It was not reported when the last engine service was performed. Therefore, to establish a maintenance baseline, it is advised to have a qualified marine mechanic replace all engine oils, transmission fluid, oil and fuel filter elements, to remove surface corrosion development on the machinery housing, and to properly prime and re-paint accordingly. Additionally, it is important to clean out the raw water sea-strainers and replace the seasoned zinc anodes.


The propeller shaft packing gland hose has been repaired with plastic tape. The owner reported the hose is cracked and needing replacement, which was one of the scheduled projects to be completed while the vessel is hauled. Additionally, the packing gland had signs it has been leaking, and it should be repacked when the hose is changed.

The fuel system was inspected and there were no indications of leaks, or fuel odor in the vessel’s interior. The aluminum fuel tank appears to be in good condition, with no indications of corrosion, or weld failure.

UNDERWATER HULL The hull is constructed with Unidirectional E-glass impregnated with Vinylester resin and Kledecell rigid PVC foam core. The topsides flair from the waterline, there is a raked bow, and a reverse open transom. The underwater hull has shallow slack sections forward that flatten aft, an externally bolted lead keel, and a FRP composite, elliptical spade rudder. There is an exposed propeller shaft turning a Martec two-bladed bronze folding propeller. The topsides are fair, and free of indentations, physical damage, or indications of previous repairs. Inspection of the underwater hull showed it to be free of osmotic blistering. The antifouling paint is mildly worn and in need of re-coating, although well adhered, with no loose or flying paint. There were no indications of physical damage, harm, or previous repairs. The underwater hull was tap-tested with a 12 oz. plastic hammer and found sound and solid, with no delaminations, voids, or other concerns. The hull-to-keel joint is tight, with no indications of structural movement. There were no signs of grounding seen on the underwater hull. The rudder is constructed with FRP, with a foam core and a stainless steel stock. When the rudder was tap-tested, no indication of delamination, cracking, or water migration into the cores was noted. The rudder is tight in its bearings and turns freely. The running gear is true to the eye. The propeller shaft turns easily, is properly aligned in the aperture and strut, and free of wear, pitting, or other forms of corrosion. The Martec folding propeller articulates easily and is tight on its pivot


point. The propeller blades are free of pinking, dealloying, and frayed or bent edges. The cutlass bearing has very mild wear, but still is in serviceable condition. The bronze strut is free of dealloying, and tight to hull, with no movement. SAFETY & REQUIRED EQUIPMENT The firefighting equipment was viewed and all appear serviceable; however they are not currently tagged. The ABYC and the NFPA recommend all fire extinguishers be inspected, serviced, and tagged annually, by qualified service personnel. There are no smoke or carbon monoxide detectors seen in the living spaces. The visual distress signals are expired. VALUATION & RISK Overall, the vessel is in good condition, and has been well maintained by her conscientious and knowledgeable owner. Once the recommendations are met, the vessel should be well suited for its intended usage. Comparables were searched for on soldboats.com, a website that lists the asking price and the actual selling price of boats sold by a Yacht World affiliated yacht broker. The value is based on the price of vessels that have sold, which are equally equipped and in similar condition. The search was limited to sister-ships within one year of age of the captioned vessel, which have sold within the past three years. The search results are found below. However, the links cannot be followed, as this is a pay-site.

Length Boats Year Codes Listed US$ Sold US$ Location

33' Soverel 33 1985 S U SD CP 29,900 (08/11) 25,000 (07/12) ME, USA 33' Soverel FR Sloop 1984 S U SD FG 32,900 (01/10) 32,900 (04/12) WA, USA 33' Soverel sloop 1985 S U SD FG 34,500 (03/10) 30,000 (11/10) CA, USA 33' Soverel Soverel 33 1985 S U SD FG 34,500 (07/10) 31,500 (11/10) CA, USA

The secondary valuation source is the BUC Value Professional, a fee-based online appraisal service that statistically authenticates boat and marine equipment prices. BUC stated the vessel’s Total Adjusted Market Value Range for BUC Condition*, in the Southern Pacific Region, to be $27,200.00-$30,300.00. *BUC Condition = Ready for sale, no additional work required, and normally equipped for its size.


ESTIMATED FAIR MARKET VALUE: $30,000.00- Based on vessel's current condition, location, Equipment and time of year and comparison of recent sales of similar size and type vessels. ESTIMATED RECONSTRUCTION VALUE: $200,000.00+ Amount given represents purchasing similar new 2013, vessel no longer in production.

ONCE THESE RECOMMENDATIONS ARE MET I WOULD RECOMMEND THIS

VESSEL FOR INSURANCE OR FINANCING

1. Inspect and verify the condition of the starboard chain-plate tie-rod, and its corresponding aluminum anchor, and repair as deemed necessary.

2. Provide a tie-down strap for the batteries and secure them, per ABYC E-10. 3. Replace the propeller shaft packing gland hose, and repack the packing gland. 4. Provide at least two currently tagged USCG approved Type B1 fire extinguishers. 5. Provide smoke and carbon monoxide detectors in the living spaces. 6. Provide at least three handheld current visual distress signals.

(Note: standards are in italics and when cited in this report, may not be comprehensive and are only intended to be used as guidelines, not as implicit or complete instruction on how to comply with standards or remedy any recommendation.)

OTHER SURVEYOR’S SUGGESTIONS (to be completed at the owner’s discretion)

1. Repair the cracks under the aft starboard stanchion base, as discussed.

SURVEY LIMITATIONS Large parts of every vessel cannot be examined due to inaccessibility. Some procedures add greatly to the time involved and consequently the cost of the survey. Therefore, such procedures are not performed unless specifically requested. Engines, machinery, anchors and warps, complicated electrical systems and components, sails, spars and rigging aloft are not usually examined. The surveyor DOES NOT test the vessel or tanks for tightness, open up and expose parts ordinarily concealed, make removals, unload lockers or holds, clean bottoms or operate the vessel. It is pointed out that when wood decay or deterioration of many types is involved, it is not unusual for repairs to uncover previously hidden additional deterioration.

SURVEY SCOPE

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