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Yacht Broker Surety Bond

A Yacht Broker bond is a type of license surety bond. These bonds are required in a few states of individuals who seek to operate as a yacht or ship broker or salesman.

Bond amounts vary by state as does the name of the bond. Florida has the “Yacht and Ship Broker of Salespersons” bond which is $25,000 for a broker and $10,000 for a salesperson. California has a $15,000 “Yacht and Ship Broker” bond.

The purpose of the yacht broker bond is pretty simple. The bond is in place to provide a form of protection for people who may suffer a loss caused by fraudulent or deceitful activities of the broker or any other activity from the broker that does not adhere to the applicable state statutes and regulations. If a claim against a yacht broker is found to be legitimate, the potential first step toward recovering the loss is to claim on the surety bond.

In most states, the yacht broker bond is continuous. That simply means that an active bond is required for as long as the license is active. The bonds are usually annual bonds meaning they must be renewed every year for as long as the bond is required.

Viking writes yacht broker bonds nationwide. We are experienced with these bonds and have markets that both welcome the bond requests and provide good rates for them. These bonds are typically simple and easy to process and quote. Quotes are usually obtained the same day or within 24 hours.

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