Florida Yacht and Ship Broker Bond
What is a Florida Yacht and Ship Broker Bond?
A $25,000 Yacht and Ship Broker Bond is required by the Florida Department of Business and Professional Regulation for persons or businesses that engage in the sale of yachts or ships in the state of Florida. The obligation ensures that the broker is accountable for financial transactions and complies with laws and regulations of the state.
Often times, an additional bond called a Yacht Salesperson Bond is also required for each sales individual employee acting in a sales capacity.
Why is a Florida Yacht Broker Bond Required?
The surety bond ensures that the bonded principal and all agents and employees faithfully comply with the provisions of the Yacht and Ship Brokers’ Act and all rules and regulations set out by the Florida Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes, Section of General Regulation. Further, the bond requires that the principal appropriately apply all funds received and perform all obligations and undertakings according to state statutes and laws in the conduct of business as a yacht and ship broker.
Anyone injured by fraud, deceit, or willful negligence on the part of the yacht broker or salesperson, or through the failure of the broker or salesperson to comply with the Yacht and Ship Brokers’ Act or other laws may seek compensation for damages against the surety bond.
Yacht Broker Bonds And Getting Your Florida Business License/Registration
Application is made to the Division of Florida Condominiums, Timeshares, and Mobile Homes and will generally require the following items:
- Completed application (DBPR Form YS 6000-1)
- Required fee
- Complete set of fingerprints
- Original surety bond or letter of credit in the amount of $25,000 for a broker’s license.
Department of Business and Professional Regulation
Attn: FCTMH’s Yacht and Ship Brokers' Section
1940 North Monroe Street
Tallahassee, Florida 32399-1030
Note: Individuals may not be licensed as a yacht broker prior to having been a salesperson for at least two consecutive years. Furthermore, individuals may not be licensed as a yacht broker without being licensed as a salesperson for at least two consecutive years.