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Page 1 — Cover View original page image 2021 Fleming Yachts 65 Pilothouse Motor Yacht
JENNIFER ANN
Pre-Purchase Condition & Valuation Survey
OFFICIAL NO. DATE OF SURVEY SURVEY LOCATION
1358742 10/05/2026 Core Sound Marine Works, Beaufort, NC
PILOTHOUSE MARINE SERVICES, LLC Beaufort, NC · 252-732-6427 Page 2 — Report title View original page image Report of Marine Survey
PRE-PURCHASE CONDITION & VALUATION SURVEY
JENNIFER ANN
2021 Fleming Yachts 65 Pilothouse Motor Yacht · Official No. 1358742
Bob Johnson
PREPARED FOR
Beaufort, NC
2026-1005
FILE NUMBER
10/05/2026
DATE OF SURVEY
Core Sound Marine Works, Beaufort, NC
SURVEY LOCATION
Captain Steve Smith
SURVEYOR
SAMS® Accredited Marine Surveyor AMS #1380
Pilothouse Marine Services, LLC
COMPANY
Beaufort, NC, 252-732-6427
REPORT BASIS
Prepared in accordance with generally accepted marine surveying practice and the applicable standards of the American
Boat & Yacht Council, the National Fire Protection Association, and the United States Coast Guard. This report is executed
and sealed at the Surveyor’s Certification.
PILOTHOUSE MARINE SERVICES, LLC Beaufort, NC · 252-732-6427 Page 3 — Contents View original page image JENNIFER ANN · 2021 FLEMING YACHTS 65 PILOTHOUSE MOTOR YACHT PRE-PURCHASE CONDITION & VALUATION SURVEY
Contents
Survey Executive Summary 4
Introduction 5
Scope of Survey 7
General Vessel Information 8
Report of Survey 9
Propulsion & Machinery 9
Steering & Vessel Control Systems 11
Fuel System 12
Vessel Safety Equipment 13
Sea Trials 14
Findings & Recommendations 16
Condition & Valuation 20
Surveyor's Certification 22
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Survey Executive Summary
VESSEL INFORMATION
Vessel Name JENNIFER ANN
Year / Make / Model 2021 Fleming Yachts 65 Pilothouse Motor Yacht
Length Overall 65 ft
Official No. 1358742
Survey Type Pre-Purchase Condition & Valuation Survey
Date of Survey 10/05/2026
Client Bob Johnson
SURVEY SCOPE
Dockside Inspection Yes Ultrasonic Gauging Not applicable
Out-of-Water Inspection Yes Thermal Imaging No
Sea Trial Yes Rigging Inspection No
Moisture Metering Yes Mechanical Evaluation By Jones Diesel Service
Percussion Sounding Yes Oil Sampling By Jones Diesel Service
OVERALL ASSESSMENT
Overall Rating ABOVE AVERAGE
Fair Market Value $4,800,000
Estimated Replacement Cost $6,710,000
FINDINGS & RECOMMENDATIONS
The survey identified the following, detailed in the Findings & Recommendations section of this Report.
Maintenance items and upgrades are not classified as deficiencies.
1 2 1 1 1
CATEGORY A CATEGORY B CATEGORY C MAINTENANCE UPGRADE
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Introduction
ENGAGEMENT & LIMITATIONS
Acting at the request of Bob Johnson ("Client"), the undersigned Surveyor attended aboard the 2021
Fleming Yachts 65 Pilothouse Motor Yacht JENNIFER ANN and its systems and components (collectively the
"Vessel") on 10/05/2026 and has prepared this Pre-Purchase Condition & Valuation Survey ("Report"). This
Report summarizes the Surveyor's findings resulting from the survey and sets forth the opinions and
recommendations of Pilothouse Marine Services, LLC with respect to the Vessel.
The inspection was limited to a primarily visual, non-destructive examination of accessible systems,
equipment, and structural components. No reference herein should be construed as an evaluation of the
internal condition of engines, transmissions, drives, generators, propulsion systems, or auxiliary power
systems.
Electrical and electronic equipment was powered up and tested for basic functionality where practicable.
Wiring, tankage, and other installed systems were inspected where accessible; concealed components,
inaccessible areas, and systems requiring disassembly could not be fully evaluated. No destructive testing,
pressure testing, engineering analysis, naval architecture review, or stability analysis was performed.
Compliance with all applicable standards, codes, and regulations is not represented or guaranteed.
This Report represents the condition of the Vessel on the date or dates of survey only and reflects the
unbiased professional opinion of the undersigned. It is not an inventory, warranty, or guarantee, express or
implied. This Report supersedes all prior verbal and written communications regarding the Survey. It is
prepared solely for the Client; the terms on which it may be distributed and relied upon are set out under
Intended Use below.
CONDUCT OF SURVEY
This survey was conducted with reference to applicable federal regulations administered by the United
States Coast Guard under Titles 33 and 46 of the Code of Federal Regulations (CFR), in effect at the time of
survey. Applicable voluntary standards published by the American Boat & Yacht Council (ABYC) and by the
National Fire Protection Association, principally NFPA 302, in effect at the time of survey, were also used as
reference where relevant to the Vessel, its systems, and equipment. These regulations and standards were
applied as appropriate to the Vessel's type, age, construction, equipment, and intended service. The survey
was not conducted as a comprehensive compliance inspection, and no representation is made that the
Vessel complies with every provision of any referenced regulation, standard, or code.
SURVEY INSPECTION COMMENTS
All systems and components inspected and described herein reflected their condition at the time of survey
only and were considered serviceable except as otherwise noted in this Report and listed in the Findings &
Recommendations section. Systems, equipment, electronic devices, and instruments were operated and
checked for basic functionality where practicable. Testing did not include verification of calibration,
accuracy, internal condition, or performance beyond the functional checks described in this Report. Areas
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not inspected included Vessel structure, systems, and components that were covered, unexposed,
concealed, or otherwise inaccessible, including areas behind fixed or screwed-down panels, false
bulkheads, moldings, liners, or other components not readily accessible for visual inspection.
INTENDED USE
This Report is prepared for the exclusive use of Bob Johnson ("Client") and is non-transferable. No other
person or entity is entitled to rely upon this Report, enforce its provisions, or make any claim arising from
its contents without the express written authorization of Pilothouse Marine Services, LLC.
The Client is authorized to provide a complete copy of this Report only to insurers, lenders, and legal
counsel directly involved in matters concerning the Client or the Vessel. Distribution of the complete Report
to brokers, sellers, repair facilities, prospective purchasers, or other third parties is not authorized.
The Client is authorized to reproduce and distribute the Findings & Recommendations section only to
brokers, sellers, repair facilities, or other parties as necessary to obtain estimates, negotiate repairs, or
address deficiencies identified during the survey. Authorization to receive that section does not authorize
access to, reliance upon, or distribution of any other portion of this Report.
Any authorized distribution of this Report or of the Findings & Recommendations section does not create a
duty, obligation, or professional relationship between Pilothouse Marine Services, LLC and the recipient,
and does not grant any third party the right to rely upon the Surveyor's findings, opinions, conclusions, or
valuations.
DEFINITION OF TERMS
The following terms have the meanings given below as used in this Report.
TERMS OF INSPECTION
ACCESSIBLE Capable of being reached or visually inspected without removal of fixed
components, destructive testing, disassembly, or alteration of the Vessel.
SERVICEABLE Capable of fulfilling its intended function at the time of survey. The term does
not imply new condition, freedom from wear or defects, or remaining service
life.
POWERED UP Electrical power was applied and the equipment responded sufficiently to show
that power was received. The term does not indicate that functionality, accuracy,
calibration, or performance was verified unless specifically stated.
FUNCTIONALLY TESTED The system, component, or equipment was operated through its basic controls
or functions where practicable. Functional testing does not constitute
comprehensive performance testing and does not verify calibration, accuracy,
internal condition, or remaining service life unless specifically stated.
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Scope of Survey
SURVEY SCOPE & LIMITATIONS
Type of Survey Pre-Purchase Condition & Valuation Survey
Purpose of Survey The Survey was requested to assess the overall condition and value of
the Vessel for pre-purchase decision-making and, if purchased, to
assist with insurance underwriting and financing.
Vessel Service Recreation with occasional coastwise passage
Date of Survey 10/05/2026
Requested By Purchaser — Bob Johnson. Present throughout the survey.
Conducted By Captain Steve Smith
Persons in Attendance Buyer, seller, listing broker, purchasing broker, engine surveyor, and
attending surveyor
Place of Survey Core Sound Marine Works, Beaufort, NC
Weather Conditions Dockside: clear, light winds; haulout: clear, light winds; sea trial: clear,
light winds.
INSPECTION SCOPE
Dockside Inspection Performed
Out-of-Water Inspection Performed
Place of Haul-Out Core Sound Marine Works, Beaufort, NC
Vessel Support Travel-lift straps
Sea Trial Performed
Electrical Systems Energized DC, AC, generator, shore power, and inverter
SUPPLEMENTAL TESTING
Moisture Metering By Surveyor
Percussion Sounding By Surveyor
Oil Analysis By others — Jones Diesel Service
Mechanical Inspection By others — Jones Diesel Service
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General Vessel Information
GENERAL INFORMATION
Vessel Year / Make / Model 2021 Fleming Yachts 65 Pilothouse Motor Yacht
Vessel Name Jennifer Ann
Vessel Type Motor Yacht
Vessel Builder Fleming Yachts
HIN (Hull Identification Number) XKZ65051E121
Month / Year Built May 2021
Vessel Material Fiberglass
Stated Length 65 ft
Length Waterline (LWL) 61 ft 11 in
Length Overall (LOA) 70 ft 10 in
Beam 18 ft 8 in
Draft 5 ft 0 in
Displacement 102,698 lb
Source of Specifications Published Manufacturer's Specifications
U.S.C.G OFFICIAL DOCUMENTATION
U.S.C.G. Documentation Number 1358742
Documented Name JENNIFER ANN
U.S.C.G. Documented For Recreational
Documented Hailing Port Harpswell, Maine
Hailing Port Displayed Yes
U.S.C.G. Documentation Registered Vessel Owner Harpswell Holdings, LLC
Registered Length (ft.) 61.1
Hull Depth (ft.) 6.4
Hull Breadth (ft.) 18.6
Gross Tonnage 69
Net Tonnage 55
Documentation Current Yes
VESSEL CONDITION AND VALUE
Vessel Overall Rating ABOVE AVERAGE
Fair Market Value $4,800,000
Estimated Replacement Cost $6,710,000
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Report of Survey
Propulsion & Machinery
DESCRIPTION
Propulsion System
Engine MAN i6-800 – 6 cyl – 800 HP @ 2300 RPM – turbocharged &
aftercooled – common rail direct injection – freshwater / heat
exchanger
Port SN 5160665401821 – Hr 1,250
Starboard SN 5160665401834 – Hr 1,252
Engine Installation 24 V DC starting, flexible mounts
Exhaust Wet exhaust with mixing elbow/riser, inline muffler, water separator,
discharging at the hull side
Engine Controls Electronic controls by Twin Disc, monitored by digital displays,
multifunction display integration, with integral synchronization. Twin
Disc EC600 electronic controls at the pilothouse and flybridge
stations, with synchronizer, Express and troll modes. Engine data is
repeated on the Fleming First Mate monitoring display.
Transmissions / Drives
Transmission Twin Disc MGX-5126A, 2.50:1 reduction, with power take-off.
Port MGX5126A-21-0418
Starboard MGX5126A-21-0419
Shafting & Couplings Stainless steel 3 in shafting on thrust bearing couplings, dripless
mechanical shaft seals
Machinery and Bilge Space Equipment
Machinery Space Molded fiberglass engine beds, composite sound insulation lining.
Access by engine room door, hatches in the sole
Engine Space Ventilation Arrangement: natural supply, powered supply blower, powered
exhaust blower; blowers: 24 V DC; intake dampers: automated
closure. The air intake baffles close automatically on operation of the
fixed fire-suppression system, with a guarded manual release in the
cockpit.
Raw Water & Hoses Sea valves: flanged seacock; hose: wire-reinforced suction, reinforced
water/exhaust; clamps: all-stainless worm drive
Bilge Pumps Pumps: submersible centrifugal; locations: forward bilge, machinery
space, aft bilge, lazarette; supply: 24 V DC; switching: integral float
switch, manual at panel
Hydraulic System Transmission power take-off serving the bow thruster, stern thruster,
fin stabilizers, windlass, davit, dedicated tank reservoir. The hydraulic
system is driven by clutched power take-offs on both transmissions
and is controlled from the ABT TRAC-LINK touchscreen panels at the
pilothouse and flybridge. Steering is served by its own electro-
hydraulic power pack in the lazarette and is independent of this
system.
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Supplemental Testing
Oil Analysis Engines, transmissions, and generator. Samples were drawn by Jones
Diesel Service at the time of survey. Laboratory results were not
available at the date of this Report.
INSPECTION & CONDITION
Propulsion machinery, mounts, transmissions, controls, monitoring equipment, and accessible machinery-space
components were inspected for condition, installation, security, deterioration, and evidence of leakage.
Raw-water cooling and wet exhaust components were inspected for condition, security, deterioration, and evidence of
leakage.
Shafting, couplings, shaft seals, and associated running-gear components were inspected where accessible for condition
and security.
Machinery-space ventilation, bilge equipment, and auxiliary equipment were inspected for condition, installation, and
security.
Inspected propulsion machinery and associated components were serviceable except as identified in
Findings.
FUNCTIONAL TESTING
Propulsion machinery was started and operated to normal operating temperature where practicable.
Engine controls were operated at each station fitted; instrumentation and audible alarms were observed during
operation.
Transmissions were engaged ahead and astern.
Machinery-space blowers were operated where practicable.
Bilge pumps were operated where practicable.
Underway operation and performance, when performed, are recorded in the Sea Trial section.
LIMITATIONS
Functional testing was limited to normal onboard operation and did not establish rated output or
performance to manufacturer specifications.
Propulsion & Machinery Findings
The following findings relate to the Propulsion & Machinery and are detailed below.
Engine Cooling System
MAINTENANCE M-1
Engine Mounts / Beds / Alignment
FINDING C-1
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Steering & Vessel Control Systems
DESCRIPTION
Steering Twin rudders, electro-hydraulic steering by Hypro Marine. Twin
rudder linkage: common actuator with tie bar. The steering power
pack is mounted in the lazarette on anti-vibration mounts over an
FRP drip tray, and carries primary, back-up and autopilot pumps. A
back-up steering control panel with its own rudder angle indicator is
fitted at the pilothouse.
Steering Stations Pilothouse and flybridge
Rudder Arrangement Stock: stainless steel; seal: dripless. FRP rudders on Aqualloy 22 hi-
strength stocks.
Thrusters Twin Disc bow and stern thrusters, hydraulic. Both units are rated 65
HP and are driven from the transmission power take-off hydraulic
system. Control is by ABT friction-type jog levers at the pilothouse
and flybridge.
Fin Stabilizers ABT-TRAC fin stabilizers. Hydraulic fin stabilizers served by the
transmission power take-off system and controlled from the ABT
TRAC-LINK touchscreen panels.
Emergency Steering Secondary hydraulic steering
INSPECTION & CONDITION
Steering equipment, actuators, and connections were inspected for installation, securement, leakage, corrosion, and
deterioration.
Rudder stocks, bearings, and seals were inspected where accessible for leakage, corrosion, and play.
Thruster tunnels, drive units, and their electrical or hydraulic connections were inspected where accessible.
Stabilizer equipment and associated mounting, cooling, and connections were inspected where accessible.
Emergency steering arrangements were inspected for access, stowage, and condition.
Inspected steering and vessel control components were serviceable except as identified in Findings.
FUNCTIONAL TESTING
Steering was operated lock to lock and observed for normal response.
Thrusters were operated in both directions where practicable.
Stabilizer equipment was operated through its normal controls and observed for basic function.
Emergency steering engagement and stowage were checked where practicable.
LIMITATIONS
Rudder bearing clearance and stock condition below the packing were not determined.
Steering & Vessel Control Systems Findings
The following findings relate to the Steering & Vessel Control Systems and are detailed below.
Primary Steering
FINDING B-1
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Fuel System
DESCRIPTION
Fuel Tankage 4 fiberglass Diesel tanks, 1,700 gallons total. FRP tanks with a fire-
retardant coating, fitted with solenoid-operated sight gauges.
Tank Location Located in the engine room, port and starboard
Fuel Level Indication Level indication: sight gauge, with gauges at the tank. Tank levels are
also reported on the Fleming First Mate monitoring system.
Fuel Selection / Manifold Crossover, in the engine room. All four tanks can be filled from either
the port or starboard deck fill through a crossover manifold.
Engine Primary Filtration / Water Separation Racor 75/1000MA primary fuel filters, duplex per engine, 2 total, in
the engine room. Vacuum gauge: fitted.
Generator Primary Filtration Racor primary filter / water separator. Secondary filtration: engine-
mounted.
Fuel Transfer Pump Fuel transfer pump, manual switch. High-capacity transfer pump with
a digital totalizer, controlled in the engine room.
Fuel Shutoffs Ball valve shutoffs at each tank
Fuel Fill Deck fills on the side deck, port and starboard. Non-spill deck fills
recessed into the side-deck steps.
Tank Venting Vents terminating at the hull side, screened
INSPECTION & CONDITION
Fuel tankage, supports and securing arrangements were inspected for installation, corrosion, leakage, and deterioration.
Fills, vents, supply and return lines, shutoff valves, and filtration were inspected for condition, support, and visible
leakage.
Transfer, polishing, and day tank equipment was inspected for installation, support, and visible leakage.
Inspected fuel system components were serviceable except as identified in Findings.
FUNCTIONAL TESTING
Fuel level indicators were observed for displayed tank level; accuracy was not verified.
Fuel system valves were operated where practicable.
Fuel delivery was observed during machinery operation for function and visible leakage.
Transfer and polishing equipment was operated through its controls where practicable.
LIMITATIONS
Fuel tankage was not pressure tested and was not internally inspected.
Fuel System Findings
The following findings relate to the Fuel System and are detailed below.
Fuel Supply & Return Lines
FINDING B-2
Primary Fuel Filtration
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UPGRADE U-1
Vessel Safety Equipment
Vessel Safety Equipment Findings
The following findings relate to the Vessel Safety Equipment and are detailed below.
Fixed Fire Suppression System
FINDING A-1
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Sea Trials
DESCRIPTION
Sea Trial Details
Date & Time 10/05/2026, 1315 to 1510
Operating Area Local ICW and near-coastal waters
Attendees Client, listing broker, selling broker, licensed captain, engine surveyor,
and attending surveyor
Vessel operated by Licensed captain
Sea water temperature 74 degF
Ambient air temperature 78 degF
Sea Trial Dockside Observation
Engine Alarms Engine alarm systems were observed to function normally during
startup checks.
Start in Gear Protection Propulsion machinery did not crank when a transmission was
engaged, indicating normal operation of the start-in-gear safety
interlock.
Engine Startup Propulsion machinery alarm systems were observed to function
normally during startup checks.
Exhaust Smoke (Startup) No excessive exhaust smoke was observed during engine startup.
Cooling Water (Idle) The cooling water exhaust appeared adequate and normal at
dockside.
Instruments (Idle) The engine instruments all operated and were within normal
operating limits at idle.
Shaft Creep No noticeable shaft creep with gears in neutral.
Stuffing Box / Log Packless - dry - OK
Rudder Packing Rudder packing was observed dry with the vessel afloat.
Thruster Thrusters were operated in both directions and responded normally.
Vessel List The vessel did not have any significant listing during the survey; a
nearly straight waterline was observed.
Sea Trial Underway Observations
Trial Run Conditions The sea trial was conducted under generally favorable sea and wind
conditions.
Vessel Load Condition Vessel loading at the time of the sea trial was considered typical for
recreational operation.
Shift / Throttle Controls Shift and throttle controls operated smoothly through their full range.
Engine Control Stations Engine controls were operated at the pilothouse and flybridge
without exception.
Transmissions Transmission operation engaged and shifted without abnormal noise,
hesitation, or delay.
Engine Instruments (Underway) Engine instruments functioned normally and displayed readings
within normal operating limits underway.
Exhaust Smoke (Underway) No abnormal exhaust smoke was observed.
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Cooling Water (Underway) Propulsion machinery maintained normal cooling temperature
throughout the sea trial.
Engine Backdown Test Propulsion machinery mounts were observed while the machinery
was placed in forward and reverse gear under load without
exception.
Steering Test Steering system operated through its full range of motion without
binding or abnormal resistance.
Electronics The following electronics were demonstrated underway: GPS and
chartplotter, radar, depth sounder, VHF, AIS, and autopilot. GPS and
chart showed position and appeared to update properly. Radar
displayed targets and land, and range was adjustable.
Auto Pilot Autopilot operation was demonstrated under the prevailing sea
conditions.
Roll Stabilizers (Fin) Stabilizer system operation was demonstrated. System response was
observed under the conditions encountered.
Synchronizer The engine synchronizer operated properly.
Vibration No excessive vibration was observed throughout the operating range
demonstrated.
Overall Engine Response Overall engine performance was observed to be consistent with
normal operation, considering the prevailing sea conditions and
vessel loading at the time of survey.
Engine Shutdown Propulsion machinery shut down normally following completion of
the sea trial.
Leaks Sighted No abnormal fluid leakage was observed.
Sea Trial Engine Instrument Readings
Maximum Throttle Rated maximum 2300 rpm; demonstrated 2250 rpm. No significant
increase in water temperature. No visible smoke.
INSPECTION & CONDITION
The sea trial documented operational observations made during vessel operation. Conditions requiring
corrective action are addressed within the applicable system Findings section of this report unless
otherwise noted.
LIMITATIONS
The sea trial was conducted under the conditions prevailing at the time of survey and was limited to
normal vessel operation by the operator. Engine and transmission performance was not independently
verified against manufacturer specifications, and no dynamometer or other controlled performance testing
was performed. Recorded engine parameters were obtained from vessel-installed instrumentation unless
otherwise noted. Vessel loading, environmental conditions, hull condition, and other variables may affect
observed performance. The sea trial did not constitute an evaluation of continued serviceability.
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Findings & Recommendations
Conditions identified during the survey that warrant correction, repair, maintenance, monitoring, or
improvement are presented in this section. Findings were classified according to their nature and
significance at the time of survey. Where applicable, recommendations include reference to recognized
regulations, standards, codes, or accepted marine practices relevant to the condition identified.
The assigned classification identifies the nature and significance of the condition observed and does not, by
itself, establish remediation timing. Where provided, the Remediation Timing designation identifies the
recommended timeframe for addressing the finding based on conditions observed at the time of survey.
Classification does not substitute for evaluation by a qualified marine tradesperson where further
investigation or specialized repair is recommended.
Categories A, B and C are findings. Maintenance items and upgrades are recorded and counted
separately and are not classified as deficiencies.
FINDING CLASSIFICATIONS
CATEGORY A — SAFETY / REGULATORY / STRUCTURAL
Conditions involving personnel safety, Vessel safety, structural integrity, or nonconformance with an
applicable regulatory requirement or recognized safety standard. Category A findings warrant prompt
correction and, where the condition affects safe operation, should be corrected before the Vessel is placed
into service.
CATEGORY B — DEFICIENCY
Defective, damaged, deteriorated, improperly installed, or inoperative systems, equipment, or components
requiring repair, replacement, correction, or further evaluation. Category B findings do not rise to the
significance of Category A but warrant corrective action.
CATEGORY C — COSMETIC / MINOR
Minor deficiencies, cosmetic deterioration, or conditions having limited effect on the serviceability or
operation of the Vessel. Correction may be performed at the Client's discretion or in conjunction with
normal Vessel upkeep.
MAINTENANCE
Conditions warranting routine service, cleaning, adjustment, preservation, or other maintenance to
support continued serviceability and prevent further deterioration.
UPGRADE
Optional improvements, modernization, or enhancements recommended to improve functionality,
reliability, safety, convenience, or conformity with current marine practices. An Upgrade classification does
not, by itself, indicate that the existing installation was defective or unserviceable.
Each entry is numbered within its own classification in the order it appears in this Report — FINDING A-1, FINDING B-1,
MAINTENANCE M-1, UPGRADE U-1 — and is identified by the system and component on which it was observed. Each is
cross-referenced from that system's section in the body of this Report.
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REMEDIATION TIMING
BEFORE THE VESSEL IS PLACED INTO SERVICE
The condition warrants correction before the affected Vessel, system, or equipment is returned to normal
service.
AT NEXT HAUL-OUT
The condition is appropriately addressed at the next scheduled haul-out, or when access requires the
Vessel to be hauled.
WITHIN A REASONABLE SERVICE INTERVAL
The condition warrants corrective action within a reasonable maintenance or service timeframe based on
the nature and significance of the condition observed.
AT THE CLIENT'S DISCRETION
The condition does not require a specific remediation timeframe and may be addressed at the Client's
discretion.
The Client is advised to review the findings in this section and to consult with competent and qualified
boatyards or marine service providers to determine the appropriate scope, methods, and actual cost of any
repairs, maintenance, or upgrades undertaken.
Nothing in this Report is a contractor quotation, bid, or third-party estimate for repair or replacement
work, and no cost of repair is stated or implied. Repair costs vary significantly with the repair method
selected, labor rates, geographic location, parts availability, Vessel condition, access limitations, and the
results of further inspection or disassembly.
Category A — Safety / Regulatory / Structural
FINDING A-1 VESSEL SAFETY EQUIPMENT - FIXED FIRE SUPPRESSION SYSTEM BEFORE THE VESSEL IS PLACED INTO SERVICE
OBSERVED CONDITION
The main engines, generator, and engine room blowers did not shut down when the fixed fire-suppression
system’s automatic shutdown circuit was actuated during testing.
REFERENCE
ABYC A-4 (July 2023), Fire Fighting Equipment; ABYC A-4 4.8.4 - the engines, generators, and blowers
located in the protected space shall shut down automatically. (Design concentration cannot be maintained
in a space where machinery continues to run and blowers continue to extract.)
RECOMMENDATION
Correct the automatic shutdown function so that the main engines, generator, and blowers stop on
actuation of the fixed fire-suppression system, and verify operation by test.
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Category B — Deficiency
FINDING B-1 STEERING & VESSEL CONTROL SYSTEMS - PRIMARY STEERING BEFORE THE VESSEL IS PLACED INTO SERVICE
OBSERVED CONDITION
Hydraulic fluid seepage was present at the steering cylinder rod seal, with fluid accumulated beneath the
cylinder in the lazarette.
RECOMMENDATION
Repair the steering cylinder to eliminate hydraulic fluid leakage, and verify the system maintains fluid level
and operates through its full range of travel without leakage.
FINDING B-2 FUEL SYSTEM - FUEL SUPPLY & RETURN LINES BEFORE THE VESSEL IS PLACED INTO SERVICE
OBSERVED CONDITION
A diesel fuel supply hose in the engine room was in contact with a sharp bracket edge, with localized
abrasion of the hose outer cover and no fuel leakage observed.
REFERENCE
ABYC H-33 (July 2026), Diesel Fuel Systems; ABYC H-33 33.7.1 - hoses shall be secured and routed so that
they will not chafe on boat structure or equipment. (A hose worn through at a hard point releases fuel into
the machinery space.)
RECOMMENDATION
Reroute and support the fuel hose clear of the bracket edge so that it does not contact structure or
equipment, and determine whether the abrasion extends beyond the outer cover.
Category C — Cosmetic / Minor
FINDING C-1 PROPULSION & MACHINERY - ENGINE MOUNTS / BEDS / ALIGNMENT AT NEXT HAUL-OUT
OBSERVED CONDITION
Localized paint deterioration and light surface corrosion were present on the port main engine mount
bracket, with no section loss observed.
RECOMMENDATION
Remove the surface corrosion and restore the protective coating on the engine mount bracket.
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Maintenance
MAINTENANCE M-1 PROPULSION & MACHINERY - ENGINE COOLING SYSTEM WITHIN A REASONABLE SERVICE INTERVAL
OBSERVED CONDITION
The maintenance schedule aboard specified coolant replacement at 1,200 hours; the port and starboard
engines recorded 1,250 and 1,252 hours, with no coolant replacement recorded since delivery.
MAINTENANCE RECOMMENDATION
Replace the main engine coolant in accordance with the engine manufacturer’s maintenance schedule and
record the service.
Upgrade
UPGRADE U-1 FUEL SYSTEM - PRIMARY FUEL FILTRATION AT THE CLIENT'S DISCRETION
OBSERVED CONDITION
Fuel filter restriction could be read at the primary filter assemblies in the engine room; no remote
restriction indication or alarm was provided at an operating station.
UPGRADE RECOMMENDATION
Provide remote fuel filter restriction indication at an operating station so that filter condition is apparent to
the operator under way.
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Condition & Valuation
Overall vessel condition ABOVE AVERAGE
Fair Market Value $4,800,000
Estimated replacement cost $6,710,000
Effective valuation date October 5, 2026
The overall condition rating summarizes the vessel as observed during the survey. Specific findings,
recommendations, and inspection limitations are documented elsewhere in this report.
In accordance with the request for a Marine Survey of the Jennifer Ann, 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 10/05/2026 and was found to be a well constructed vessel, in ABOVE AVERAGE condition with some
maintenance / improvements required. Subject to correction of deficiencies listed in sections A and B, the
vessel is considered to be reasonably suitable for its intended use. Other deficiencies listed should be
attended to in keeping with good maintenance practices or as upgrades.
FAIR MARKET VALUE
In the surveyor's opinion, the Fair Market Value of the subject vessel is $4,800,000 as of October 5, 2026.
SALES COMPARISON APPROACH
Closed sales of vessels similar in make, model, size, age, and general configuration were used as the
primary evidence of value. The comparable vessels are not identical to the subject; differences in age,
condition, equipment, propulsion, and presentation were considered in evaluating their relevance.
COMPARABLE SALE AGE AT SALE REPORTED SALE PRICE AGE ADJUSTMENT ADJUSTED INDICATION
2021 Fleming 65 Pilothouse — 5 years $4,783,296 0.0% $4,783,296
Fort Lauderdale, FL; sold 2026
2020 Fleming 65 Pilothouse — 6 years $4,560,000 +5.4% $4,806,486
Seattle, WA; sold 2026
2022 Fleming 65 Pilothouse — 3 years $4,995,000 −9.3% $4,530,349
Newport, RI; sold 2025
Age adjustments were derived from the Martin Scale, comparing each vessel's age at the date of its sale with the subject vessel's age
at the effective valuation date.
RECONCILIATION
Central adjusted comparable-sales indication $4,745,003
Subject-vessel market adjustment $0
Indicated fair market value $4,745,003
Concluded Fair Market Value $4,800,000
The central indication is the midpoint of the median of the adjusted comparable sales and their average; at three sales no trim is
applied.
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The subject vessel's condition and equipment were considered relative to the retained sales. No separate
subject-vessel market adjustment was warranted in this analysis.
The reported Fair Market Value exceeds the figure indicated by the analysis above by $54,997. The sold
evidence is the stronger of the two indications and the guide range brackets it. The subject is low-hour for
her age, has been professionally maintained, and carries a full electronics and stabilization fit, which places
her at the upper end of the adjusted range rather than at its center.
MARKET REFERENCES
Three active comparable listings Asking prices of $4,395,000–$5,150,000
BUCVALUPRO adjusted guide $4,650,000–$4,980,000
Active listings and the BUCVALUPRO guide were considered as market references. Asking prices informed
the reconciliation but were not treated as completed transactions.
The BUCVALUPRO range shown is stated for the South Atlantic & Florida Region region, for a vessel in
above average condition.
SOURCES AND LIMITATIONS
The analysis relies on reported listing and closed-sale information obtained from third-party sources
believed to be reliable but not independently verified. Reported sale prices may reflect transaction-specific
circumstances, and asking prices are subject to negotiation. This opinion is provided as part of a condition
and valuation survey and is not a separate formal appraisal.
The surveyor considered the subject vessel's overall condition, configuration, and equipment in reconciling
the comparable sales. Individual findings were not deducted dollar for dollar at estimated repair cost, and
no separate post-repair value was developed. The findings and inspection limitations are documented
elsewhere in this report. This opinion is not a prediction of the vessel's actual selling price.
ESTIMATED REPLACEMENT COST
The estimated replacement cost is $6,710,000, based on the available BUCVALUPRO reference.
Replacement cost is provided separately and was not used to calculate the Fair Market Value opinion.
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Surveyor's Certification
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this Report are true and correct.
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.
I have performed no services, as an appraiser or in any other capacity, regarding the Vessel that is the
subject of this Report within the three (3) year period immediately preceding acceptance of the survey.
I have no bias with respect to the Vessel that is the subject of this Report or to the parties involved in the
assignment.
My engagement / compensation in this survey was not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value of the
estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to
the intended use of this survey.
I have made a personal inspection of the Vessel that is the subject of this Report.
The right to amend and/or supplement this Report, should additional information be made available, is
reserved.
The digital pictures contained in the body of this Report were taken by the attending surveyor. I certify that
the content of these pictures has not been changed and/or altered, except for cropping or annotation
added to identify a condition.
This Report is submitted without prejudice. This Report does not constitute a warranty, either expressed or
implied, nor does it warrant future condition of the Vessel. It is a statement of the condition of the Vessel
at the time of survey only.
ATTENDING SURVEYOR
Captain Steve Smith
SAMS® Accredited Marine Surveyor AMS #1380
Pilothouse Marine Services, LLC
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