The state of Florida requires a $10,000 Surety Bond for yacht and ship brokers. The requirement was established by the Yacht and Ship Brokers’ Act. The Bond is in conjunction with a broker license. According to the Florida Department of Business Professional Regulation (the agency that governs the license) a yacht and ship broker would be an individual who buys or sells a previously owned yacht on behalf of someone else and gets paid to do so. This does not include all boats. A yacht is considered any vessel in the water which is propelled by sail or machinery and exceeds 32 feet in length and weighs less than 300 gross tons.
Sales persons are required to have a license, thus a Bond, as well. The sales person is employed by the broker to perform the services of a broker.
A person needs a license, and Bond, if they perform the following activities:
Buy, sell, offer or negotiate to purchase or sell a previously owned yacht for another person for a profit
Soliciting or obtaining listings of a previously owned yacht in expectation of compensation
Negotiate the purchase, sale or exchange of a previously owned yacht for personal profit or gain
A person does not need a license, or Bond, for the following activities:
To sell their own yacht
To sell a brand new yacht
Foreclosure (replevin) of an interest in a yacht
To learn more about the licensing requirements, please visit the Florida Department of Business & Professional Regulation website.
Call us at (855) 952-6633 to speak with a Surety Bond Expert
What happens after I apply online for my Surety Bond?
Step #1: A Surety Bond underwriter will immediately review your application, if it has been fully completed.
Step #2: A friendly Surety Bond expert will reach out to you to explain your quote or request additional information.
Step #3: Once you accept your quote and pay any premium due, your Surety Bond will be issued and delivered immediately.