Yacht and Ship Broker Surety Bonds are required for those who manage the sale and acquisition of yachts and other applicable ships on behalf of their owners.
The duties of these brokers encompass the buying, selling, solicitation, renting, listing, negotiation and exchange of these marine vessels in return for compensation. Any ship which exceeds 32 feet in length, weighs less than 300 gross tons and is powered by either a sail or modern machinery is considered a yacht. These license and permit surety bonds ensure that the broker responsibly handles all financial transactions in relation to the vessel, as well as adheres to all applicable laws and regulations.