Important maritime terminology for boat owners

As the owner of a yacht of ship, it is important to be aware of the specialized terminology that will be used in important documents such as contracts of sale, marine insurance policies, marine finance plans and also in maritime legislation. By understanding the most commonly used terms, you can ensure you are fully aware of the rights, restrictions and obligations that may be imposed on you as a vessel owner.

Maritime terms that all vessel owners should know

It is advisable for all vessel owners and professionals operating within the maritime field, to learn the most commonly used and technical maritime terms. Purchasing, selling or simply owning a yacht or ship may see you faced with a number of complex legal documents and legislation to understand, and so it is vital to have a basic knowledge of the most useful and popular terms.

A selection of the top maritime terms are listed below:

In Rem

Under Admiralty Law, claims against vessels (as opposed to the owner of the vessel) are referred to as ‘in rem’.

Admiralty Law

Admiralty law is referred to as maritime law in many jurisdictions, and is the regulatory body of law that provides a clear framework for all maritime activity and related matters.

Abstract of Title

This term is in reference to the ownership history of a particular vessel and its complete lien transactions.

Bill of Lading

This term is useful for all vessel operators in the transportation of cargo industry. It can be abbreviated to BL or BOL and is a receipt that confirms the goods have been received.

Certificate of Ownership

This is in reference to a document which provides the proof of ownership of a vessel. Every vessel owner will have a certification of documentation and this will be issued from the Coast Guard.

Detect Notification

A detect notification is a type of notification used by vessel manufacturers where a vessel fails to comply with the appropriate regulations and industry standards.

IMO Number

All registered vessels have an IMO number related  to the International Maritime Organization they are registered with.

Maritime Lien

This term is applicable under admiralty law and is in reference to claims made against maritime property.

Registered Owner

A registered owner is the individual or company who has legal rights of ownership over a particular vessel, as recognized under maritime law.

Pure Salvage

This term refers to the situation where a person (salvor) is not contracted to salvage property from a sunken or destroyed vessel by its owner, but rather where the salvor simply finds property from the vessel – giving them the right to obtain compensation or ownership over it provided he informs the appropriate court.