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Maryland Boat Dealer Bond

How much does a boat dealer bond in Maryland cost?

Maryland boat dealer surety bonds have a set term of one year. The bond amounts vary depending on a dealer’s gross sales for the last year; however, dealers who are about to begin their first year of business and don’t have any gross sales for the last year must post a surety bond in the amount of $20,000. The cost of a Georgia boat dealer bond starts at 1% of the bond amount, but the exact cost varies based on an underwriter’s review of the applicant’s qualifications.

Bond Type Bond Amount Cost*
$5,000 Boat Dealer Bond Up to $500,000 in sales $5,000 Starts at $100 Apply Now
$10,000 Boat Dealer Bond $500,001-999,999 in sales $10,000 Starts at $100 Apply Now
$20,000 Boat Dealer Bond Initial License or $1,000,000-2,999,999 in sales $20,000 Starts at $200 Apply Now
$50,000 Boat Dealer Bond $3,000,000-4,999,999 in sales $50,000 Starts at $500 Apply Now
$100,000 Boat Dealer Bond $5,000,000-9,999,999 in sales $100,000 Starts at $1,000 Apply Now
$150,000 Boat Dealer Bond $10,000,000-14,999,999 in sales $150,000 Starts at $1,500 Apply Now
$200,000 Boat Dealer Bond Greater than $15,000,000 in sales $200,000 Starts at $2,000 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

A Maryland boat dealer surety bond is required to engage in the business of buying, selling or exchanging vessels in Maryland and holds the principal (boat dealer) liable for any and all financial losses suffered as a result of a dealership’s faulty business practices.

A licensed dealer is required to understand and comply with all laws, regulations and procedures relating to the titling and registration of boats. A copy of Subtitle 7 of the Natural Resources Article, Annotated Code of Maryland, entitled “State Boat Act,” is on file at each of the department’s service centers and most Maryland public libraries. A Boat Dealer Manual will be provided when the license is issued.

What’s the fine print?

Maryland boat dealer bonds are required by the Maryland Department of Natural Resources and expire one year from the effective date. The surety must give the obligee 45 days of notice prior to cancellation

How to become a boat dealer in Maryland

The following conditions must be met to receive a boat dealer license:

  • applicant must have an established place of business
  • a business sign must be posted and must be large enough to be seen from the nearest highway
  • each business location must maintain a public telephone number during business hours
  • application must be signed by at least three corporate officers
  • applicant’s dealer’s license must be conspicuously displayed in office
  • dealer must maintain business records of at least the past three years

Additional Resources

Maryland Department of Natural Resources Boat Dealer License Applicant’s Guide

Maryland Department of Natural Resources: Boating Services

Maryland Code Natural Resources Title 8, Subtitle 7: Bond Requirement for Boat Dealers

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