Are you a member of the United States Coast Guard’s registry? Congratulations! You have now become the happy owner of a documented vessel, which entitles you to several perks. It is required by the United States Coast Guard (USCG) that all boats, even those belonging to private individuals, be recorded. Having an adequately registered yacht may not seem like a significant advantage during the first few years of owning and operating your boat.
However, some occurrences, such as car accidents or medical crises, may occur at any moment and without prior notice to the public. Providing appropriate documents on board might be the difference between life and death. It is in your best interest to keep your boat’s documentation current with the USCG for as long as you possess the boat after taking the appropriate requirements to get it documented with the agency. Here are the benefits of having adequately documented vessels.
With A Documented Vessel, You’ll have Proof of Ownership.
So, are you ready to invest your hard-earned money in a boat? If this is the case, you will be required to record your watercraft correctly. A procedure called enrolment will be used to verify the authenticity of your boat’s documentation with the United States Coast Guard (USCG). By registering your boat, you will be able to provide documentation that it is yours.
Proper paperwork might also be advantageous in your future transaction according to state.gov. In order to complete the transaction, purchasers will need evidence of ownership and current registration. Proper paperwork might also assist you in obtaining boat insurance at a reasonable price. A vessel that the United States Coast Guard has recorded indicates that the vessel has been registered and allowed for “interstate usage.” If your vessel has a permanent hull identification number (HIN) and is insured as a documented vessel, you comply with the law.
You’ll Be Able to Title and Register Your Vessel.
Have you ever been curious about titling and registering your vessel? If this has happened to you, you are most definitely not alone. When it comes to boat ownership, one of the most often asked topics is how to title and register their vessel correctly. Attempting anything like this for the first time is one of the most challenging things a person could ever undertake if they haven’t done it before.
That is why everyone participating in the process must know all involved in it thoroughly so that it does not become too expensive or confusing for them. Although documenting your watercraft may seem a time-consuming endeavor, the information you gather will serve as a safety net if anything happens to your boat. In addition, having a documented vessel makes it easier for future owners to title and register the boat.
You’ll Be Able to Get Hull Insurance.
It’s critical that you keep detailed records of everything onboard your yacht. If you require hull insurance, you’ll discover that obtaining a policy is almost impossible without comprehensive documentation of your vessel. If you don’t have the correct paperwork, your boat will be deemed “off the grid,” making it more challenging to get insurance. Your hull insurance will cover any damage to your boat and its crew or passengers if it is properly recorded.
Although boating is expected, it is effectively uninsured if your watercraft is undocumented. For your boat’s safety, hull insurance is an absolute must. In a positive light, there are many hull insurance policies to choose from. Commercial and leisure boats may both benefit from these regulations. When signing a contract, it is strongly advised that you first check your current policy and make any required modifications.
You’ll Be Able to Prove VAT Paid Status
Although your boat seems to be at home in the water, it is a land-based vehicle. If you want to drive in a particular nation, you’ll need the proper paperwork for your vessel to do so as well. Proof of VAT status, legal ownership, and even the identity of the skipper are all possible with the correct papers for your vessel.
Traveling internationally without paying taxes is a frequent fallacy – particularly if you own a boat. After crossing the International Date Line (IDL), you’ll have to pay another tax—this time VAT—as your ship enters a new day. Documenting all of your recorded taxes is essential before your ship leaves the United States.
The status of your documented vessel is vital when it comes to various rights and advantages that you enjoy. For example, you cannot be forced to sell it in certain situations. There is no liability for damages caused by its negligent usage. These and other issues may be avoided if you have good documentation. Do not forget to document your boat! Contact the Vessel Documentation Center at 866-981-8783 if you need help documenting your ship.