What is a Florida Yacht and Ship Broker Surety Bond?
The state of Florida requires anyone who wishes to conduct business as a yacht and ship salesperson, broker or employing broker to be licensed with the Department of Business and Professional Regulation – Division of Florida Condominiums, Timeshares & Mobile Homes. Applicants must obtain and submit a surety bond before a license will be issued. The bond amounts vary and are based on the type of license being applied for:
- Yacht Salesperson – $10,000 Bond
- Yacht Broker – $25,000 Bond
- Yacht Employing Broker – $25,000
How do I get my Florida Yacht and Ship Broker license?
To become a licensed yacht salesperson, broker or employing broker in the state of Florida, the following items must be submitted to the Florida Department of Business and Professional Regulation:
- Completed Application – Form YS 6000-6
- Fingerprint Card and A $51 Fee
- $500 Application Fee
- Surety Bond in the Correct Amount
How much does a Florida Yacht and Ship Broker Surety Bond cost?
Florida Yacht and Ship Broker Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer rates with qualifying credit starting at:
- $10,000 Bond – Starts at $175 for 2-Year Term
- $25,000 Bond – Starts at $438 for 2-Year Term
It typically takes just a few hours from quote to issuance of the bond and we have the ability to beat any competitors pricing.
Can I get a Florida Yacht and Ship Broker Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Florida Yacht and Ship Broker Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I get a Florida Yacht and Ship Broker Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7837 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How does a Florida Yacht and Ship Broker Surety Bond work?
Florida Yacht and Ship Broker Surety Bonds guarantee the principal (salesperson/broker) complies with all provisions of the 2019 Yacht and Ship Brokers Act – Chapter 326 of the Florida Statutes. This includes any breach of a consumer contract, deceptive trade practice, fraud, fraudulent representation or violation of any of the provisions in the statutes. If the principal engages in unethical or unlawful business practices, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then responsible for reimbursing the surety for all monies paid out, including any attorney fees incurred by the surety in defense of the claim.
What are the terms of a Florida Yacht and Ship Broker Surety Bond?
Florida Yacht and Ship Broker Surety Bonds are filed with the Florida Department of Business and Professional Regulation – Division of Florida Condominiums, Timeshares & Mobile Homes. The bond has a 2-year term and runs concurrently with the principal’s licensing period. A new bond or continuation certificate will be issued at the end of the term to renew the bond. The surety can cancel the bond at anytime by giving written notice 30-days prior to the effective termination date. If the surety cancels the bond, the salesperson or broker’s license is automatically suspended until a new surety bond is on file. The aggregate liability of the surety will not exceed the penal sum of the bond in any event.