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Do Yacht Brokers and Ship Salespersons in Florida Have a Surety Bond Requirement?

A man stands near a Yacht marina

The State of Florida Department of Business & Professional Regulation, Division of Florida Condominiums, Timeshares and Mobile Homes, regulates the Yacht and Ship Brokers, Employing Broker, Yacht and Ship Salesperson licensing.

The difference between the yacht salesperson and the yacht broker is that the broker has additional experience in the industry. Employing brokers must maintain a place of business and establish an escrow or trust account.

Florida Chapter 326 of the Florida Statues, the Yacht and Ship Brokers’ Act and Florida Administrative Code Chapter 61B-60, provides details of the state regulations and licensing for yacht and ship brokers and salespersons.

The licensing process includes:
1. Complete the license application and pay the fee.
2. Applicants must submit a fingerprint card for a criminal background check.
3. A $25,000 surety bond is required for a yacht or ship broker or employing broker with a minimum of two years experience.
4. A $10,000 surety bond or letter of credit is required for either a yacht or ship salesperson.
5. 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 and experience.

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