The cost of ships, if purchased outright, should be verified on a reference to the Bill of Sale and, if built to order, from the agreements with the shipbuilders. The ownership of the title should be verified from the certified copy of the entry in the port of registration unless the same is endorsed on the back of the Bill of Sale. Any mortgage or charge created on the ship is disclosed in the copy of ‘entry’ in case any exists, the same should be disclosed. In addition, it should be ascertained that the vessel is fully insured against all risks.
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