Vessel-Under-Construction Policy

First American Transportation Title Company introduces its new Vessel-Under-Construction Policy for vessel purchasers who contract with shipyards for the construction of vessels. 

This new policy is based on First American's Eagle® 9 UCC Insurance Policy because the vessel purchaser's interest during construction is similar to a lender's interest in personal property collateral.  The policy insures the attachment, perfection and priority of the security interest in the Vessel-Under-Construction. 

The Vessel-Under-Construction Policy has the added feature of being a commitment to insure title in the vessel upon completion and registration in the name of the owner for a single integrated premium.