The EAGLE Protection Vessel Owner's Policy protects you from many of the risks that could affect your title and ownership of your vessel - risks beyond your control. The EAGLE policy covers you against problems that could result in the loss of title to your vessel. It includes valuable coverages never before offered to owners of U.S. flagged vessels.
The EAGLE Protection Vessel Owner's Policy provides protection when any of these situations occur:
Ownership Disputes
The owner's policy insures that you own your vessel. This goes beyond insuring that the Coast Guard documentation records are accurate and that the transfer documents in the record are valid. It means that even if the records are not accurate or the transfer documents are not valid, you are still covered against anyone else claiming ownership, as long as you took possession of your vessel when you bought it.
Document Forgery
Coverage is provided against a forgery of any transfer document anywhere in the chain of ownership to the vessel as long as you took possession of your vessel when you bought it. In most states, a forgery passes no title. If the true owner makes a claim, you are protected from financial loss.
Purchase of a Stolen Vessel
Stolen vessels are sometimes sold using false documentation or false hull identification numbers. If you unknowingly purchase and take possession of a stolen vessel - you're covered.
Fraud or Duress
If any transfer document in the chain of vessel ownership is not valid because it was obtained by fraud, undue influence or duress - you're protected.
Incompetence or Incapacity
If your ownership is challenged because a document transferring ownership was signed or delivered by a person who was legally incapable of completing the transaction because of age, incapacity or lack of partnership, corporate or trust authority - you're covered.
Post-Policy Forgery
If a person claims to own or have a mortgage on your vessel because someone forged your signature, you could have trouble clearing your title. With the EAGLE Protection Vessel Owner's Policy, as long as you're still in possession of your vessel - you're protected.
Unrecorded State Tax Liens (up to $2,500)
Coverage for up to $2,500 is provided against state tax liens which do not appear in the Coast Guard records.
Engines and Appurtenant Equipment
Coverage is provided against ownership or lien claims against the engines and appurtenant equipment installed on a covered vessel at the time the policy is issued.
Estate or Inheritance Tax Liens
You are protected against estate or inheritance tax liens not on file in the Coast Guard records but enforceable against your vessel because of the death of a prior owner.
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