A yacht broker surety bond is a license and permit surety bond required by some states of individuals and companies who own a marine business in that state that sells new or used yachts 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 yacht broker bond?
In California, yacht and ship brokers must get a $15,000 surety bond, according to the state Department of Boating and Waterways.
The Florida Department of Business and Professional Regulation requires yacht and ship brokers to get a $25,000 surety bond or irrevocable letter of credit.
Yacht brokers have to get a $20,000 bond for the first year of their licensing, according to the Maryland Department of Natural Resources. After the first year, the bond amount can range from $5,000 to $200,000, depending on an annual sales review.