Surety Bonds For Florida Yacht Brokers and Ship Salespeople

The State of Florida Department of Business & Professional Regulation regulates Florida yacht and ship brokers and sales people. The DBPR requires both yacht brokers and sales people to be licensed and bonded.

The main difference between the yacht salesperson and the yacht broker is that the broker has additional experience in the industry. Florida Chapter 326 of the Florida Statues and Florida Administrative Code Chapter 61B-60 dictates state regulations and licensing requirements for yacht and ship brokers and salespersons.

Surety Bond and License Requirements:

1. Complete the online license application and pay the fee.
2. Applicants must also submit a fingerprint card for a criminal background check.
3. They must also obtain a $25,000 surety bond for a yacht or ship broker or employing broker with a minimum of two years experience.
4. The DBPR also requires a $10,000 surety bond or letter of credit for either a yacht or ship salesperson.
5. In addition, employing brokers must have a physical place of business. They must also have an escrow or trust account.
6. License’s run for a consecutive two-year period.

How Much Will This Bond Cost?

The premium that you pay for a Florida Yacht or Ship Employing Broker, Broker, or Salesperson Surety Bond is dependent on credit and the bond amount required. The state also examines your experience. Rates start at $100 for a yacht or ship salesperson. The rate for a yacht or ship broker or employing broker with good credit is $250.00.