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How much does a yacht and ship broker bond cost in California?
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 little as $300 for their bond! Don’t let less-than-stellar credit stop you from purchasing the bond you need! SuretyBonds.com offers an exclusive bad credit bonding program through which we approve 99% of applicants quickly, easily and accurately. Request your free bond quote now!
Ready to get bonded? Call 1 (800) 308-4358 or click here to get started. We can typically provide your free, no-obligation bond quote within 1 business day!
Why do I need 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.
What’s the fine print?
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.
How to become a yacht and ship broker in California
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
- 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