What is Required For The Satisfaction of Mortgage Form

One of the most important aspects of securing a vessel is the ability to be granted a United States Coast Guard satisfaction of mortgage. In order to be granted this all-important step in the ownership, you and your vessel in question need to be able to meet a set number of requirements, all mostly common sense, but you would be amazed by just how many people trip over one of the hurdles at this point! To ensure that you don’t suffer the same fate, here are some of the crucial factors of what is required for the satisfaction of the mortgage form.

The Hull Must Be Watertight And Structurally Sound

Any vessel that is longer than 79 feet needs to have a Certificate of Satisfactory Condition. The boat needs to be able to function correctly, and it must be completely structurally sound and watertight. Pretty common sense stuff we think you will agree! The crew also needs to be trained in the safe operation of vessels in order to ensure that the operation is totally seaworthy.

All Safety Equipment On Board And In Working Condition

You need to make sure that your boat complies with the US Coast Guard standard, and this includes ensuring that all of the appropriate items of safety equipment are included on board and are in fine working order. This includes things like working fire extinguishers and emergency life preservers in the event of situations like fires on board or an unsalvageable sinking.

It Must Have a Properly Functioning Engine

It is vital that you are able to guarantee that your engine isn’t going to stall while passing through a bar, as the Coast Guard will generally want to check that it is in good, working order. In other words, you need to be able to display that it has enough horsepower. In the event that it is found to not be working as it should, your vessel will be issued a CGC violation, and this will require you to fix the issue and return for a new inspection on a specified date.

Satisfaction of Mortgage Form

You Must Have Sufficient Liability Insurance Coverage

If you do not have enough insurance to be able to pay the expenses of a potential lawsuit, then it may end up being the case that your boat is confiscated. You need to make sure that you have enough insurance before you head out on the water, as you never know what could happen. Something important to remember is that even though an incident might not be your fault, it doesn’t always mean a decision will go your way.

If you need any kind of assistance with all of the relevant and important pieces of documentation that make up boat ownership, including the satisfaction of the mortgage form, then don’t hesitate to turn to the Vessel Registrar Center website for all the help you need. We can do all of the error checking, processing, and submitting for you to make the entire process a much easier and much smoother experience from start to finish.