If you own a documented vessel, it is vital to keep up with the renewal process. The US Coast Guard (USCG) requires documented vessels to renew documentation every year to maintain their status as a documented boat. But how important is the documentation and vessel renewal? What are the benefits of keeping its documentation up to date?
Why is Vessel Renewal, Vital?
Vessel documentation is vital if you are planning to use your vessel in international waters. If your boat is already documented, you need to renew its documentation every year to avoid penalties and fines. In that case, if the documentation expires, you may be subject to penalties from the USCG. You may also face legal issues if you are caught operating an undocumented boat. The penalties for operating an undocumented vessel can include fines, impounding of the boat, and even imprisonment in some cases.
Compliance with the Federal Regulations
Another advantage of regular renewal is ensuring compliance with federal regulations. Documented boats are subject to a variety of federal regulations, including safety standards, pollution prevention measures, and security protocols. By maintaining your documentation and complying with these regulations, you can ensure that you are operating your vessel safely and responsibly.
Maintaining the Value of the Boat
Renewing its documentation is also helpful in maintaining the value of your vessel. If it is time for you to sell your boat, having up-to-date documentation can demonstrate that you have taken good care of your boat and have kept up with the necessary documentation and compliance requirements.
Is the Documentation a Requirement by the Bank?
There are some lenders that will require you to provide documentation before they can provide you with a loan for a boat. Thus, if you are planning to sell your boat, make sure to document it so that the potential buyer can easily apply for financing.
What If Your Boat Is Titled?
If your boat is titled and you have it documented, any title is invalidated. The registration will depend on the state requirement where you keep your boat and where you pay the taxes. Some states do require boats to maintain regulations and documentation. However, others will not issue a registration if a boat is documented. The most important thing here is that your documented boat is not exempted from taxes to your state.
The US mandates that every boat has legal paperwork. As a boat owner, you will find it beneficial to document your boat. With USCG documentation, you can easily get customs clearance when in foreign water. Now, if you want a hassle-free transaction when it comes to boat documentation, make sure to use our services. We also offer vessel renewal to help you navigate the entire process more quickly and a lot easier. With our vessel documentation online service, you can get your boat documented in the US and renew it every year.