Yacht Broker Bond - California

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Bond Description

A $15,000 Yacht and Sales Broker Bond is required by the State of California Department of Boating and Waterways Under Harbors and Navigation Code Section 730 for all yacht and/or ship brokers doing business in the State of California.

A Yacht and Ship Broker is characterized by one who for compensation or in expectation of compensation does, or negotiates to sell or offer to sell, buys or offers to buy, solicits for obtains listings of, or negotiates the purchase, sale or exchange of yachts and who does not own those yachts. In addition, one who leases or rents, offers to lease or rent, places for rent, solicits a listing of a yacht for rent, or negotiates the sale, purchase, or exchange of a lease on a yacht, for a rental or least period of more than 90 consecutive days to any one person or business during any 12-month period, and who does not own the yacht. A “yacht” or “ship” refers to any vessel 16 feet for more in length and under 300 gross tons used for navigating in water and designed to be propelled by machinery or sail.

Bond AmountCostTermApply Now
$15,000$150.001 YearSTART APPLICATION

Bond Details

Requiring Entity
State of California, Department of Boating and Waterways
Underwriting Criteria
Instant Issue No Credit Check
Premium Rate(s)
1 Year - $150*

For qualified applicant based on underwriting and personal credit score.

Who is Required to Secure this California Yacht Broker Bond

A $15,000 Yacht and Sales Broker Bond is required by the State of California Department of Boating and Waterways Under Harbors and Navigation Code Section 730 for all yacht and/or ship brokers doing business in the State of California. A Yacht and Ship Broker is characterized by one who for compensation or in expectation of compensation does, or negotiates to sell or offer to sell, buys or offers to buy, solicits for obtains listings of, or negotiates the purchase, sale or exchange of yachts and who does not own those yachts. In addition, one who leases or rents, offers to lease or rent, places for rent, solicits a listing of a yacht for rent, or negotiates the sale, purchase, or exchange of a lease on a yacht, for a rental or least period of more than 90 consecutive days to any one person or business during any 12-month period, and who does not own the yacht. A “yacht” or “ship” refers to any vessel 16 feet for more in length and under 300 gross tons used for navigating in water and designed to be propelled by machinery or sail.

California Yacht Broker Bond Requirement Specifics

The California Yacht and Ship Broker Bond is required as a means of protecting the public from any monetary loss arising out of any fraud or deceit, for fraudulent or grossly negligent representation of the broker or his representatives under the Yacht and Ship Brokers Act

Who is protected Under this California Yacht Broker Bond

Any person or persons for whom the Yacht or Ship Broker rendered services.

Underwriting Process

California Yacht Broker Bonds are INSTANTLY ISSUED upon review of the completed application without a personal credit check of the applicant.

What you Need to do Once you have your California Yacht Broker Bond

As the original Yacht and Ship Broker Bond must be filed with the State of California, Department of Boating and Waterways, the original bond will be mailed to the applicant within 24 hours of submitting their application online. The applicant will need to forward the original bond to the State of California, Department of Boating and Waterways for filing. The bond will be placed in the regular mail unless the applicant opts to pay the fee associated with overnight delivery during the application process.

Obligee Link

www.dbw,ca.gov

* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.