New Mexico Community Boat Dock Permit Bond Guide
If you’re applying for a boat dock permit in New Mexico, you’ll likely need this surety bond.
Bond Overview
- Purpose: To cover potential removal costs if a dock comes loose from its anchors
- Who Needs It: Community boat dock owners in or near the Ute Reservoir
- Regulating Body: The New Mexico State Parks Division
- Required Coverage: $5,000 or $5/sq. ft.
- Premium Rate: Varies based on financial criteria
Learn all about the bond requirements and process in this guide.
What Is a New Mexico Community Boat Dock Permit Bond?
A New Mexico community boat dock permit bond is a form of financial security. The State Parks Division can use it to cover removal costs if a loose boat dock becomes a hazard for navigation in the Ute Reservoir.
Who Needs a Community Boat Dock Permit Bond?
The New Mexico State Parks Division requires this bond for community boat dock permittees in the state. Your bond coverage must be $5,000 or $5 per square foot, whichever is greater.
How Much Do Community Boat Dock Permit Bonds Cost?
New Mexico boat dock permit bonds cost a small percentage of the required coverage amount based on credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a New Mexico community boat dock permit bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the State Parks Division as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a New Mexico Community Boat Dock Bond Work?
A boat dock permit bond creates a legal contract between these three parties:
- Principal: You, the community boat dock owner filing the bond
- Obligee: The New Mexico State Parks Division requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for maintaining the boat dock for the five year bond term.
If you break the bond terms, the obligee can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety.
