Surety Bonds On The Rocks – Yacht Surety Bonds
There are 2 Yacht Surety Bonds required in Florida and California Yacht Industry.
Yacht Salesman Bond
Two states, California and Florida, have Yacht Surety Bonds requirements for yacht salesmen to have a Yacht Salesmen Bond as part of their licensing regardless of whether they work through a broker or independently. Because each state can have different regulations regarding this licensing bond it is suggested that individuals be familiar with their individual state’s requirements. In Florida any yacht salesman who wants to upgrade to yacht broker must first be licensed and be bonded for two years before applying. The Yacht Salesman Surety Bond protects both clients and the brokerage business from malpractice or deceitful acts by the yacht salesperson. There may be other requirements from the state beyond the surety bond to be licensed as a Yacht Salesperson in the state of California or Florida.
Yacht Broker Bond
Anyone who acts as a broker for yachts or ships can be required by the state that the company does business in to have a Yacht Broker Bond as part of the licensing process. For California and Florida, the most common places where this type of business is found, the parameters of that license can change from state to state. For instance, in Florida the boat or yacht must exceed 32 feet to fall into this category. The bond will ensure that the broker will fulfill the requirements of the law regarding the provisions of the state’s Yacht and Ship Brokers Act and all individual state requirements. It will also require the broker to be accountable for any financial transactions related to the sales of yachts or ships. Generally the Yacht Broker Surety Bond will be required for the license for the business and a Yacht Salesman Bond will also be required for each individual salesman employed by the brokerage. Click Here to Apply
Surety Bonds On The Rocks