Saturday, January 22, 2011

Boat and Vessel Title Insurance

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 and title attorneys to investigate the title's chain of ownership to uncover these problems - and resolve them - before the sale occurs.

Common problems associated with yacht and vessel titles include:

Fraud. Forged or fraudulent documents can occur at any point in ownership history. Vessel brokers or previous owners sometimes attempt to sell vessels under false titles, defrauding both the vessel mortgage lender and the new owner. In some rare cases, the mortgages in the vessel's ownership history may be revealed as fraudulent. Additionally, watercrafts may be registered with both the US Coast Guard and the State, allowing vessels to carry more than one "valid" title. Multiple titles can precipitate multiple mortgages for which the vessel owner can be held responsible.

Ownership disputes. Even though a vessel owner carries a valid Certificate of Documentation and Federal boat registration, he or she may still be subject to ownership disputes. These documents do not have the ultimate authority to determine ownership; only the yacht or vessel's underlying contract can determine ownership. If the vessel title's underlying contract is drafted on fraudulent documents, the buyer's ownership could be rendered void.

Preexisting mortgages or liens. The new owner of a watercraft is held responsible for any unpaid taxes, unresolved mortgages and unpaid contract work associated with a vessel's title, even if he or she was not privy to them at the time of purchase.

Watercraft buyers may ask for a title opinion before finalizing the sale. While a good opinion provides some assurance against disputes, vessel title opinions and abstracts may not always be reliable. Erroneous records, improper documentation, fraud and human error can lead underwriters to draft faulty title opinions. The only way for the buyer of a yacht or boat to protect him or herself against these complications is to purchase vessel title insurance.

How Does Boat Title Insurance Protect Me?

In addition to performing a thorough investigation of the vessel's ownership history before the sale is complete, title insurance companies provide financial compensation in the event of a lawsuit. Vessel title insurance typically covers the cost of legal defense against attacks on the vessel's title; additionally, insurance will provide compensation for any financial or asset losses caused by a faulty title.

Learn more about vessel title insurance by visiting the watercraft and yacht title insurance specialists at Sun Title Agency. As one of the US' only specialists in vessel title insurance, Sun Title Agency offers expert title insurance services for yachts, boats and all watercrafts 20 feet or larger.

If you're investing in a watercraft vessel or boat, contact Sun Title Agency to learn more about how title insurance can protect you. At costs often as low as 1% of the purchase price, Sun Title Agency's vessel and watercraft title experts will ensure your new purchase is protected from legal title disputes.

Pennsylvania Title Insurance - 2

Are you interested in buying a property? If you are going for real property then there are certain things that you need to keep in mind. One of the things that you might require is the title insurance.

This kind of insurance is very much popular in the United States. This will provide you insurance against any kind of loss that you might face because of the defects in the title of the real property. You can purchase this insurance by a payment of one time premium.

So if you do not want to suffer because of the title defects present in a property you need to get the title insurance from the state. If you are a resident of Pennsylvania then you need to gather more information on Pennsylvania title insurance.

Pennsylvania is a state which is located in the mid Atlantic and northeastern part of the United States. The capital of the state is Harrisburg. Philadelphia, Allentown, Pittsburgh and Erie are the four most popular cities present in this state. Pennsylvania title insurance is usually a product which is developed as well as sold by the United States.

This is done because of some of the deficiencies present in the land record laws of the United States. This insurance will defend a person against any kind of lawsuit which can attack the title of his property.

It is important to find out the best Pennsylvania title company which can cater to your needs. Pennsylvania is the place where the first title assurance company of the United States was established. The company was named as law and property assurance and trust society.

It was formed in the year 1853. The majority of policies are usually written within the US. The real property that is insured is usually a mortgage or fee simple ownership. You can purchase the Pennsylvania title insurance to insure any kind of property and even a lease, easement or life estate.

You can search for the Pennsylvania title company on the internet. Once you log into the internet you will get a long list of names. It is quite difficult to choose the best company from this list. You need to depend on the reviews and testimonials written by the customers of the companies.

With the help of the internet you can even compare the rates of the title insurance companies. Some of the companies are security search & abstract company Inc located in presidential blvd, Chestland hill land transfer located in west evergreen avenue, northeast executive abstract located in Brous avenue, Atlantic realty abstract corporation located in north 13th street.

There are some more companies which can also provide you with Pennsylvania insurance service. Hallmark abstract co located in Snyder av, Assurity title services, Jefferson abstract and many more. These companies will surely provide you some kind of security regarding your real property. So if you are a resident of Pennsylvania you can surely look forward to the most popular companies of title insurance.

Pennsylvania Title Insurance is now offering their services directly to consumers! Don't let your bank, financial institution, or lender select your title insurance company for you. Visit our website now to get started!

Purchasing Aircraft Title Insurance

Why do aircrafts need title insurance?

Like land titles, aircraft titles are subject to record errors, unresolved liens and even fraud. There are a large number of reasons an aircraft's title may be rendered unenforceable, placing the owner at risk of property loss or being sued for previously existing liens or unpaid taxes. As the first step in acquiring title insurance, insurance companies will draft an aircraft "title opinion", or "abstract" based off a thorough investigation of the aircraft's chain of ownership.

The purpose of the initial title search is to unearth any problems with the aircraft's ownership rights and, if necessary, resolve them before the sale closes.

Problems commonly associated with titles include:

Unreliable FAA title records. Although the Federal Aviation Administration requires that all aircrafts be registered and recorded through the FAA, FAA records do not have final legal authority in determining rightful ownership. Similarly, Certificates of Registration and FAA Registration do not have ultimate authority in determining ownership. If there are any reasonable disputes made regarding rightful ownership, only state courts have the final word.

Fraud. Aircrafts which originated from another country are difficult to trace, and even though a title appears to be legitimate, the aircraft seller may have forged the deregistration notice. Buyers of stolen aircrafts are still entitled to liens attached to the aircraft's title, even if those liens are international. Records can also be defrauded by being re-sold to another owner before the first buyer has the chance to file a security agreement with the FAA.

Recording mistakes. Clerks and even title lawyers make mistakes from time to time. FAA records can be misinterpreted by the insurance underwriter; document creation, registration and filing mistakes can be made by title agents, aircraft brokers, escrow agents and title attorneys. Inaccurate or improperly filed documentation can lead to inaccurate abstracts.

Unpaid taxes or liens. A new aircraft owner is held responsible for any and all unpaid taxes, mortgages or other liens held on an aircraft's title, even if they were incurred before the purchase was made.

Although title opinions or abstracts are typically presented to an aircraft broker or buyer before ownership is transferred, not all problems with the aircraft title may surface in the initial abstract.

How does aviation title insurance protect me?

Although title searches and abstracts are designed to preemptively protect aircraft owners from asset loss or legal attacks on the aircraft's title, human error and hidden fraud still present a risk to the owner. Purchasing insurance is the only way for airplane owners to know that they are fully protected against legal problems or asset loss.

Purchasing title insurance protects airplane owners by providing the cost of legal defense in the event of a lawsuit. Insurance also insures the title owner compensation of any financial or property loss due to title disputes, up to a specified amount. At the cost of less than 1% of the purchase amount, aircraft title insurance is a necessary commodity for aircraft owners.

Tom Cronkright is the co-owner and founder of Sun Title Agency, a full service title agency based in Grand Rapids, Michigan. As one of a only a few US title companies specializing in aircraft and vessel title insurance, Sun Title Agency's experienced team of professionals and attorneys understand the finer nuances of title transactions. Learn more about how Sun Title Agency can protect your aircraft investment for as little as 1% of the purchase price; visit Sun Title Agency.

Choose The Right Title Insurance Company

Are you searching for a good title insurance company, but are not sure how to determine when one has been found? Then you need to know the tasks that need to be completed before you will be able to ensure that the right company is being chosen.

There are many tasks that are smart for anyone to do before choosing any company. Not doing these tasks will ensure that the wrong company is chosen, so be smart and do all of these tasks so you can make the best choice for you.

One of the tasks that needs to be done is to check out more than one company. There are many title insurance companies available these days. Checking out more than one will help ensure that you find the best company for you to use.

Don't just choose the first company that is found because this is the easiest and best way to make the wrong decision. Always be smart and learn what all of your options are for the companies that are available to you.

Asking questions is a second task to complete. You can be sure that you will have questions, when you need to get title insurance. Don't ever hire any company without getting answers to your questions.

The answers will help you determine which company is going to provide you with exactly what you need.

Another important task is to thoroughly check out each company. To make sure they have a good reputation, you have to thoroughly check out each company to be sure they can provide you with the best title insurance you and many other things.

It is definitely smart to talk to a person at the company about this insurance, but you also want to check them out on the internet and in your local area. This will help you figure out if a company is the right one for you to hire, or if you need to keep looking.

One last task is to give yourself time to make the right choice. Too many people make a rush decision about what company to use for this insurance.

Having this insurance is essential for many people, but don't make the mistake of rushing your decision. Making a rush decision is always bad for anyone, no matter what you are trying to do or decide on. So, be smart and don't make this mistake.

These tasks are essential for anyone that wants to be sure the right title insurance company is chosen. Be smart and do these tasks so you can feel confident that you are making the best choice on the company you choose to get this insurance from.

If you enjoyed this article by Jeff Schuman please visit our Florida Title Insurance Company website today. Where you can locate good insurance help that is the best for you. Plus, useful information that will help you feel confident in your decision.