The maritime world isn’t a cheap one and, as a boat owner, it’s a good idea to do what you can to protect your investment. This is true if you are buying a boat, but also goes for lenders who help finance the purchase of a vessel. So how does a USCG document lookup come into the equation? Keep reading to find out everything you need to know.
What is Maritime Investment?
Anyone who lends money in the maritime industry is naturally concerned with protecting their investment. All boats, from commercial fishing boats to recreational yachts, cost a lot of money so it’s important to make sure that all of the relevant documentation is filed and up to date at all times. This protects the lenders, but also the owners of the boats, and is vital when a vessel is being bought or sold.
Verification of Ownership
One of the primary reasons a lender may do a document lookup is to establish ownership. They must be sure the boat is legally owned by the person listed on the paperwork. This protects both the lender and the borrower and helps prevent disputes and other legal problems in the future.
Asset and Risk Valuation
Lenders want to know the value and risk of a vessel before they agree to offer financing for it. For that reason, they may conduct a document lookup to find out about the boat’s history and its specs, as well as to determine if there are any outstanding liens associated with the boat. This allows a lender to decide if they want to loan the money to a buyer, based on the risk and value that goes with the buyer and the vessel in question.
Fraud Protection
Another reason a lender may do a boat documentation lookup is to be sure the paperwork is legitimate and that there isn’t any fraudulent activity occurring. This protects the lender by preventing them from becoming involved in illicit endeavors, but also keeps their money and investment safe.
What to Expect for a USCG Document Lookup
There is quite a bit of information that can be found on the document lookup website. This allows lenders to find the data they need in a fast and efficient way. Have a look below at why the document lookup is such a good idea for anyone considering investing the money for someone to buy a boat, by giving them a loan.
- Centralized information – virtually everything about a given boat can be found with a document lookup.
- Compliance – a document lookup allows a lender to be sure that a vessel is compliant with all state and federal regulations.
- Communication – a central location for all of a boat’s documentation streamlines communication between lenders and borrowers.
- Updates – the document lookup site offers real time updates to any paperwork that is being processed.
- Safety and security – the online portal protects sensitive data, both for the lender and the borrower.
Are you trying to conduct a USCG document lookup? Contact the US Vessel Documentation Center for the help you need to get it done right. We’re here to help.
