Our Handy Guide to the USCG Abstract of Title for Commercial Fishing Vessels

Anyone who owns and operates a commercial fishing vessel must submit the appropriate paperwork, which includes the USCG abstract of title document. If you’re new to commercial fishing, you might be wondering what this is and why it’s important. If that’s the case, you are in the right place. The abstract of title contains a wealth of vital information that goes with your fishing vessel and this handy guide will tell you everything you need to know. 

What is a USCG Abstract of Title?

The abstract of title proves ownership for a given vessel. Completing this form is required anytime a boat is bought or sold, and thus ownership is transferred from one person to another. When you buy a boat, you will likely receive an abstract of title from the previous owner or the title insurance company. 

The abstract of title will also let you know if there’s anything to be aware of before you buy the boat. That might be the existence of liens or other legal matters that could become your responsibility if they aren’t cleared up before you make the purchase. You’ll also need the abstract of title if you plan to finance the boat.

Why Do I Need One?

Your abstract of title is a legal document that you must have to prove that you own the vessel. This is vital if there’s ever any dispute about ownership and can be the resolving item that proves the boat is yours. In other words, it’s legally required to have an abstract of title and getting caught without one can leave you subject to fines and penalties. 

How to Fix Problems with the Title

If there are errors or mistakes or any incorrect information on your abstract of title that you need to address, it’s vital to do so right away. The process can be a bit overwhelming, but getting it taken care of will serve you well in the future. A clean title is important if you plan to sell a boat so making sure it’s accurate beforehand will make the boat more attractive to buyers. If you are the buyer, a clean title indicates that the boat is likely a good choice. In either case, make sure the title contains only accurate and up to date information before you go ahead with selling or buying a vessel of any type. 

What’s Included on an Abstract of Title?

Operating a commercial fishing boat with an abstract of title leaves you open to fees and penalties. Knowing what needs to be included ensures that you have a clean title when you need it. The following data should be on your title:

• Vessel description
• Name and address of current owner
• Name and addresses of all previous owners, in chronological order
• Date of most recent sale
• The purchase price or assessed value

Do you need help navigating the process of obtaining a clean and valid USCG abstract of title? We’re to help. Contact the Commercial Fishing Permits Center today and we’ll assist you through each step in the process.