Yacht and ship broker bond cost
The California Resources Agency’s Department of Boating and Waterways requires individuals who buy and sell ships and yachts to post $15,000 surety bonds to legally operate within the state.
The price you’ll pay for this bond is based on underwriting consideration – specifically a review of your personal credit score. Qualified applicants could pay as low as $150 for their bond! Don’t let less-than-stellar credit stop you from purchasing the bond you need!
Why this bond
By posting a California yacht and ship broker bond, principals (brokers) and their salespersons pledge to comply with Article 2 of Chapter 5 of Division 3 of the Harbors and Navigation Code.
If the principal fails to comply with these terms and consumers are harmed as a result, the bond protects harmed parties up to the full penal sum of the bond ($15,000). The principal must reimburse the surety for all damages paid out.
Yacht and ship broker bond details
Yacht and ship broker bonds in California remain in full force and effect until canceled. The surety can cancel the bond at any time by giving written notice of cancellation to both the principal and the Department of Boating and Waterways at least 30 days prior to the effective termination date.
Become a yacht and ship broker
Prospective yacht and ship brokers in California must obtain a license issued by the California Division of Boating and Waterways. To obtain a license, applicants must:
- Be at least 18 years of age
- Possess a working knowledge and understanding of the principles of the yacht brokerage business and profession
- Take and pass the written licensing exam
- Submit a head shot photograph
- Provide proof of a sales tax license
- Furnish a credit report and a background check
- Submit all required license application forms and fees
- And more
Apply for your surety bond
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