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Maryland Boat Dealer Bond

Maryland Boat Dealer Bond

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Who Requires the Boat Dealer Bond and Why Is It Needed?

A surety bond must be furnished by licensed Maryland boat and yacht dealers operating in the state. The Maryland Department of Natural Resources defines a "dealer" as any person who is in the business of buying, selling, or exchanging new and/or used vessels, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise, and has an established place of business for sale, trade, and display of vessels. The statute further clarifies “dealer” to include a yacht broker, an auctioneer, and a business commonly known as a lien and recovery company. The state requires evidence of surety bond before a license will be issued. A $20,000 surety bond is required for the first license year and the amount in subsequent years is determined by a review of sales for the prior twelve months.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Maryland Boat Dealer Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The surety bond ensures that the principal conducts its boat dealer business in compliance with the Maryland State Code, Natural Resources Article and the regulations of the Department of Natural Resources. This bond is issued for the use and benefit of the obligee as provided in Maryland State Code, NR §8-710.1, and anyone who suffers or sustains a loss resulting from the bonded principal's violation of the Code NR §§8-710 et seq.




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