Just as real estate titles are subject to record errors, preexisting liens and other encumbrances, vessel and boat titles may have hidden problems which can pose a liability to new vessel owners. The best way for buyers of watercraft vessels, yachts and boats to protect themselves from these liabilities is to purchase title insurance. Agencies which provide this kind of insurance perform thorough investigations of title histories to ensure the vessel title is in “good opinion”. Vessel title insurance also ensures vessel owners financial protection in the event of a lawsuit or other financial losses due to complications with the title.
Why Do Watercraft Vessels Need Title Insurance?
There several types of problems which can occur on boat titles. Buyers of vessels are usually unaware that any of these problems exist – until they are slapped with an ownership lawsuit or fees associated with prior liens. Insurance agencies hire underwriters … Read More