This is the most comprehensive type of inspection, and it is strongly recommended, and required by most Financial Instutions and Insurance companies when purchasing a used vessel.
This type of inspection requires a very close examination of the entire vessel and its systems. A sea trial and an out of water inspection of the underwater portions of the hull are usually part of the inspection. A full report is issued which includes a "Statement of Value", and a "Statement of Condition". All areas discovered requiring attention are also listed.