License & Permit
Yacht Broker Bond
A yacht broker bond is a license bond Florida requires before a yacht and ship broker or salesperson can sell boats for others.
- Required by
- Florida Department of Business and Professional Regulation, Division of Florida Condominiums, Timeshares, and Mobile Homes
- Bond amount
- $25,000 for brokers and $10,000 for salespersons in Florida (s. 326.004, Fla. Stat.)
What this bond guarantees
The bond is for the benefit of anyone in a transaction who suffers a loss from the broker's violation of Florida's Yacht and Ship Brokers' Act. It promises that the broker will follow the terms of written sale contracts and the Act. A harmed buyer or seller can sue on the bond for losses from fraud, deceit, or willful negligence.
Who needs it
- Yacht and ship brokers
- Yacht salespersons employed by a broker
- Brokerage firms selling used yachts for others
What the underwriter looks at
- Personal credit
- Brokerage experience
- Complaint history
Requirements vary by state and by who asks for the bond. Send us the request you received and we will confirm exactly what it calls for.
Common questions
Does a salesperson need a separate bond?
Yes. Florida requires each salesperson to post a $10,000 bond or equivalent securities, in addition to the broker's $25,000 bond.
Can I use a letter of credit?
Brokers may post an irrevocable letter of credit instead of a surety bond. The security must stay on deposit for one year after you stop brokering.