A vessel dealer surety bond is a license and permit surety bond required of required by some states of individuals and companies who own a marine or motor vehicle dealer business in that state that sells new or used boats to the consumers of that state. The surety bond offers security that the dealer being licensed will operate according to applicable laws.
What states require a vessel dealer bond?
Idaho groups motor vehicle dealer and vessel dealer into one. A wholesale dealer license requires a $40,000 bond and a retail dealer license requires a $20,000 bond, according to the Idaho Department of Transportation.
A bond is required with the vessel dealer license, which is needed for each location for any dealer selling over 15 powered watercraft per year measuring 16 feet in length or greater and commonly-used on navigable waters. The bond limit is $5,000, according to the State of Washington Business Licensing Service.
See also motor vehicle dealer surety bond.