Anyone involved with buying and selling yachts likely needs to obtain a yacht broker surety bond before doing any deals. Here’s an easy overview of this important business requirement:
Bonds ensure that yacht brokers take financial responsibility if they break state laws or professional codes of conduct. The state agency that regulates yacht brokers can file a claim for compensation against the bond. The surety bond company will step in to pay claims if the bond holder (you) does not, but the bond holder must then pay the surety company back.
You need a bond before being granted a yacht broker license. It’s illegal to buy/sell yachts without a license, making it illegal to do business without a bond.
In addition to having different bond amounts and regulating agencies, every state applies different rules to yacht brokers. Behavior that could trigger a claim in one state may not in another.
Anyone seeking a yacht broker surety bond should learn what state-specific rules and regulations their business must comply with.
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