How much does a yacht and ship salesperson/broker bond cost in Florida?
The Florida Department of Business and Professional Regulation requires yacht and ship salespersons to post $10,000 surety bonds; yacht and ship brokers are required to obtain $25,000 bonds.
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Applicants who are applying as brokers will pay a premium determined by an underwriter based on a review of their credit. Applicants with exceptional credit will typically be approved for just under 2% of the total amount of the bond.
|Bond Type||Bond Amount||Cost|
|$10,000 Yacht and Ship Salesperson Bond 2-year term||$10,000||$175|
|$25,000 Yacht and Ship Broker Bond 2-year term||$25,000||Price Varies||GET A QUOTE|
Why do I need this bond?
Florida yacht and ship salesperson or broker bonds ensure that principals (salespersons/brokers) comply with all provisions of the Yacht and Ship Brokers’ Act and all rules and regulations made by the Florida Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums, Mobile Homes, Section of General Regulation. Specifically, the bond guarantees that brokers and salespersons will faithfully apply all funds given to them by consumers.
If the principal or any of his or her employees or agents fail to adhere to these terms, the bond protects consumers from financial loss up to the full bond amount.
What’s the fine print?
Yacht and ship salesperson or broker bonds in Florida remain valid for the principal’s two-year licensing period. A new bond or proper continuation certificate must be issued at the beginning of each license period.
The surety can cancel the bond at any time by giving written notice of cancellation to the division 30 days prior to the effective termination date. If the surety cancels the bond, the salesperson’s/broker’s license is automatically suspended until he or she files a new surety bond.
Applicants must indicate the appropriate license type (salesperson or broker) on the bond form.
How to become a yacht and ship salesperson or broker in Florida
To become a licensed yacht and ship salesperson or broker in Florida, applicants must submit the following materials:
- Surety bond in correct amount
- Completed application
- Check or money order for $551 application fee payable to DBPR - Division of Florida Condominiums, Timeshares, and Mobile Homes
- Completed fingerprint card
- Personal background check