Vessel Title Insurance Helps Protect Assets
When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp., recently introduced its EAGLE Protection Vessel Title Insurance to protect owners and lenders against title defects and deficiencies. The company's location in a renovated French Quarter complex - a stone's throw from the Mississippi River and the Port of New Orleans - is no accident.
Study: Title Issues Abound in Maritime Deals
ownership records contain potential title issues. the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry. title ownership from the time it’s built, or first placed under U.S. documentation. transfers, some claims-of-lien notices and mortgages. registry and unsatisfied claims. at one time. Coast Guard’s ownership records. had liens filed that were unsatisfied. fire,” said Victor I. Title Insurance Company. said Paul B. Erickson of the law firm Alley, Maass, Rogers and Lindsay. vessel until after purchasing it. to delayed filings of documents. at least 30 days after the date of execution. mortgages. lenders involved in these transactions,” said John N. Company. vessel ownership and the seller’s ability to transfer the title.
