24 NOV 2017
Captain Ed Geary FRICS determined the Fair Market Value of maritime property, opening up the potential for maritime surveyors.
Gibraltar based Fellow and RICS Surveyor, Captain E.S Geary, has paved the way for RICS to extend its valuation portfolio to include the admiralty and maritime industries. Being both a professional engineer and Captain in the US Coast Guard and the Venezuelan Navy, Geary has been able to apply his extensive expertise to determine the Fair Market Value (FMV) of maritime property.
The evaluation of real property is important in the maritime sector; it is used to appraise marina facilities, antique or classic sailing and motor yachts, diving chambers, naval vessels, cruise ships, large oil tankers and commercial ships. Appraisals are commonly used by property owners to determine the Fair Market Value of their assets and as an estimate for taxation and insurance.
Geary is one of few people worldwide with the necessary combined skillset to carry out these appraisals. As such, his work has been used to set precedence in the maritime surveying profession. Geary has also penned an impressive number of publications, containing detailed standards and principles for novice maritime surveyors to follow.
Showcasing the surprising breadth of the profession, Geary made an appraisal of the HMS Bounty replica ship, used on the 1962 film Mutiny on the Bounty. Following the vessel’s sinking during Hurricane Sandy in 2014, Geary’s expertise was called on in response to an insurance claim made by the ship’s previous owner.
As an expert in flag administration requirements and both statutory and regulatory compliance Geary has also given evidence in maritime court cases across Europe, the Caribbean and US on behalf of a number of clients, including the US Maritime Administration.
Captain Geary’s dedication to maritime surveying has opened up an entirely new sector for the profession, importantly ensuring that the RICS principles of fair dealing are upheld.