27 JUNE 2026 documentation, maintenance records, income/expense histories, and often an on-site inspection. • Intended use: Appraisals for financing emphasize lend- ing risk; insurance may focus on replacement; litigation requires extra defensibility. ASA-accredited appraisers in MTS bring specialized train- ing, peer-reviewed reports, continuing education, and ad- herence to ethical standards. The ASA designation signals rigorous qualification: education, exams (including US- PAP), years of experience, and demonstrated competency. WHY THESE STANDARDS MATTER FOR THE PVA COMMUNITY In an industry where vessels represent major capital in- vestments, USPAP/ASA-compliant appraisals protect operators, lenders, insurers, and buyers. They reduce dis- putes, facilitate smoother transactions, support insurance placements, and aid in strategic decisions like fleet renewal amid green transitions. Banks’ preference for ASA-certified work underscores the need for professionalism. “Experience alone” valuations without documented methodology fail modern scrutiny and expose parties to risk. As the passenger vessel sector innovates—with autono- mous tech, sustainable designs, and new routes—valuation methods must evolve while maintaining core USPAP principles of competence, objectivity, and transparency. Engaging qualified ASA appraisers ensures values reflect both current market realities and long-term utility. Operators should view professional appraisals as invest- ments in clarity and risk management. Whether financing a newbuild ferry, insuring a historic excursion boat, or preparing for sale, adherence to these standards provides the foundation for informed decisions in a competitive and regulated industry. Capt. Casey M. Herschler is president of North American Marine Consultants. He oversees all global appraisal and marine surveying operations, with the firm appraising approximately $20 billion worth of marine assets in 2025. He has led numerous projects for clients in the operational, financial, insurance, and private sectors. Herschler started his career pi- loting the Mark Twain Riverboat for Capt. Robert Lumpp. He also manages government relations for Canton Marine Towing on the Mid-Mississippi Riv- er, is an ASA accredited member, and co-chairman of the River Industry Action Committee. CAPT. CASEY M. HERSCHLER, ASA PRESIDENT, NORTH AMERICAN MARINE CONSULTANTS About the Author +1.337.364.0777 • sales@metalsharkboats.com Industry leaders in the rapid and repeatable high quality construction of passenger vessels and other commercial craft Built Right. Delivered on Time. Passenger Vessels by Metal Shark
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