The Maryland Boat Dealer Bond is required by the Maryland Department of Natural Resources. Once your application for a Boat Dealer License is approved, the surety bond must be provided before your license will be issued.
If you are engaged in the business of buying, selling or exchanging vessels in Maryland you are required to have a boat dealer’s license. A dealer will also include a yacht broker, an auctioneer and a lien and recovery company
What is the amount of the Maryland Boat Dealer Bond?
For the first license year the bond amount is $20,000. In subsequent years, the bond amount is determined by a review of sales, using the 12 months prior to issuance of the licence renewal application.
$500K or less – $5,000 bond
> $500K but < $1M – $10,000 bond
> $1M but < $3M – $20,000 bond
> $3M but < $5M – $50,000 bond
> $5M but < $10M – $100,000 bond
> $10M but < $15M – $150,000 bond
$15M and greater – $200,000 bond
What are the other requirements that must be submitted in order to obtain a Maryland Boat Dealer License?
- A completed application form submitted to the Department of Natural Resources.
- Upon notification of application approval, payment of $25 for the license fee.
Where can I get a Maryland Boat Dealer Bond?
With Surety1, you not only get the Maryland Boat Dealer Bond at the best rate possible, you also get it FAST. We are proud to say that through our partnership with many A-rated surety companies, we are able to offer the lowest rates in the market today.
The first step is to complete our easy to navigate, free online application form Next you will be contacted by one of our licensed agents with a no-obligation quote on the bond premium. Finally, when you’re ready to proceed, pay the premium, sign the necessary paperwork and we will send you the bond right away.
Founded in 2003, licensed in all 50 states, we continue to maintain an A+ rating from the Better Business Bureau.