A USCG abstract of title is proof of ownership of a boat. Not only does it offer information about the current owner, but it also lists an ownership history, includes any liens on the boat, and lists other legal claims attached to the boat. It’s useful as the owner of a boat, but it also comes in handy if you ever plan to sell your boat and/or buy a used one. Whether you’re getting ready to buy a commercial fishing boat for the first time or you’ve been through it before, here’s why you need the abstract of the title.
Control Over the Boat
A commercial fishing boat is a big investment and after spending all of that money on it, you want to be free to do what you want with it. The abstract of the title proves ownership so that you can have this freedom. It verifies that you have full legal ownership of the boat and that there isn’t any legal action against you or the vessel. It’s also important to have this proof of ownership if you ever decide to sell the boat because it proves that you are the current and legal owner. Keep the abstract of the title somewhere handy on your boat so that you can pull it out quickly and easily if the need ever arises.
Information About the Boat
Before you buy a commercial fishing vessel, you should have a look at the abstract of the title. You can see the history of ownership, which lets you know how many other people have operated the vessel. It also tells you if there is a lien against the boat, which you may become responsible for if you purchase it without knowing. Any other legal action involving the boat should also be in the abstract of the title.
Having this information can help you decide if buying the vessel is worth it or not. This information is also good to have if you ever decide to sell your boat. Being able to offer potential buyers a complete history of the vessel may make it a more attractive buy for them so the selling process doesn’t drag out and take longer than you’d like it to.
Tax and Insurance Benefits
When you operate a commercial fishing business, it makes sense to take advantage of any tax and insurance benefits that come your way. Having insurance on your boat is vitally important and the abstract of the title can give you information about its insurance history. Having your boat properly insured in case of accidents or emergencies may also entitle you to tax benefits. Getting caught on the water without insurance can cost you a lot of money so it makes sense to use the abstract of title to ensure that you are properly covered.
Let us help you facilitate the process of finding the USCG abstract of title for a given boat, whether it’s already yours or it’s a vessel you’re considering buying. Contact the Commercial Fishing Permits Center today for answers to all of your questions.