However, the Southern African Movable Asset Register (Samar) has implemented a system that allows manufacturers, importers, builders, banks, insurers as well as the general public to get a history of ownership of the asset, determine whether it’s been reported stolen or is still subject to finance.
This reduces fraud, double discounting, or incorrect depiction of value for insurance purposes. Kyle Dutton, project manager at Samar said this would greatly reduce risk and related costs, as millions were lost each year through multiple financing of the same asset.
“Samar was created to enable all parties involved to easily identify and confirm ownership, and allows both the financier and the insurer to be able to have access to a database where the owner could be linked to the specific asset in question, similar to what eNatis does in the registered motor environment.”
If you’re buying a used quad or watercraft, or any motorised vehicle not designed for public road use, call the Samar help desk at 0110283470 to find out its history and status. For more information visit www.samar.co.za.Star Motoring