Why Documented Vessel Ownership is Important

Documented Vessel Ownership

As an owner of a vessel in the United States, you know that it is essential to maintain documented vessel ownership. But what gives with that? It is hard for the Coast Guard to adequately monitor the thousands of ships that go through the United States waterways because of the nation’s size.

As a result, the Coast Guard depends on the owners of vessels to maintain their records of ownership and movement, which are subsequently notified to the Coast Guard if it becomes essential to do so. This is a method that benefits everyone involved.

The owners of boats are aware that they can be apprehended and penalized if they move without reporting it, and the Coast Guard can occasionally utilize this information to seek out unlawful activity or vessels that have gone missing. The ownership of a recorded vessel is crucial for several reasons, which are discussed below.

It Protects Your Investment

Owning a documented yacht is essential for the safety of your investment. Having a boat is a fun hobby, but buying one is a big financial commitment. You may rest easy knowing that in the case of theft or damage to your boat, federal law will protect your investment if you choose to purchase a documented watercraft and safeguard your ownership via appropriate registration and titling.

If your boat becomes stolen or lost, you may need the proper paperwork to get it back. In addition to lowering the interest rate you pay on loan to purchase or improve your boat, documentation also lets you insure your vessel with the insurance companies favored by your lender.

The hull, engine, and safety equipment on your boat must pass a comprehensive examination as part of the paperwork procedure to ensure they are seaworthy and legal. When weighed against the price of a new ship, the expense of documentation is negligible, but the protections it offers are priceless.

A Documented Vessel Ownership Proves Legal Ownership In Case Of a Dispute

This may be of paramount importance if you have a legal disagreement with another party about ownership or use. In many cases, a  ship with proper paperwork is much more advantageous than one without.

The registration and documentation of your ship will be helpful in a lawsuit involving your boat. Having proof of purchase or payment for services rendered or evidence of ownership on file might be beneficial in a boat ownership dispute.

Establishing ownership and legal rights to the vessel with proper documents might be easy. Specific forms of disagreements may be avoided entirely with the aid of appropriate documentation. You may use it to prevent unauthorized persons from improving your boat or taking it out on the water without your permission. Proof of ownership alerts others to the fact that the ship is your property and eliminates any doubt about who is authorized to operate the boat.

You Can Get Discounts on Maritime Services and Products

Discounts on marine goods and services would have to be first on the list. Although it may seem like something only the affluent and famous can afford, you can genuinely take advantage of this service. Businesses in the marine industry are more likely to conduct business with you if your ship is registered.

For instance, if your engine fails and you take it to a different shop to fix it, they may be willing to cut you a deal as they expect to see repeat business from your vessel. Go this route instead of getting an engine repaired and taking it elsewhere. You’ll save money not only in comparison to buying certain materials and doing the labor yourself but also to what someone without any connection to a maritime business would pay for the same engine repair!

Documented Vessel Ownership

You’re Exempt from Certain Taxes

Having your ship officially registered allows you to avoid paying some taxes. While several exemptions may be available, owners of documented vessel ownership might benefit most from the depreciation deduction and the vessel excise tax.

You may reduce your taxable income by taking advantage of the depreciation deduction. But, it lets you exclude an annual amount from your taxable income to compensate for the depreciation of your boat. Anytime you acquire a new or pre-owned boat, you won’t have to pay any additional fees on top of the advertised price because of the vessel excise tax, a form of sales tax on big boats.

Take advantage of these privileges by registering your yacht with the US Coast Guard. When a boat goes through this procedure, it receives a unique identification number that proves to the government that the owner is entitled to lawful possession of the ship. All applications for state registration must include copies of documents provided by the Coast Guard.

It would help if you talked to Vessel Documentation Online, LLC, to take advantage of these benefits. Our team will work with you through every step of the process to make it as easy as possible. We’ll handle all the paperwork and provide support throughout the process, so you never feel overwhelmed. Contact us today at 1-(866)-981-8783 and let our experience in this field help you achieve your goals!