Maryland Boat Dealer Bond

The Maryland boat dealer bond is a requirement of the Maryland Department of Natural Resources. AmeriPro Surety Bonds offers this bond in the amount required of you; approval is at 2% annually. Please call us at 844-589-9732.

Maryland Boat Dealer Bond

AmeriPro Surety Bonds | 844-589-9732

Surety Bond; Purpose

Boat dealers in Maryland are licensed and regulated by the state’s Department of Natural Resources. According to Natural Resources Article, §8-710, you are a boat dealer if you buy, sell, or exchange boat vessels in Maryland.

A condition of licensing is that you furnish the state with the appropriate surety bond amount. New licensees are required to obtain a $20,000 surety bond; existing licensees must meet the surety requirement based on their volume of business in the prior 12 months.

The purpose of the surety bond requirement is to serve as a financial guarantee that you will pay all fees and taxes owed in connection with Maryland boat dealing.

Qualifying and the Premium

Applicants for the Maryland boat dealer bond will need to complete, sign, and have witnessed (no notary is needed) a short surety bond application. Our agency can begin much of the application with you by phone.

In addition to the $20,000 surety bond amount required of new boat dealer licensees, there are the following amounts for existing boat dealer license holders.

• $5,000 surety bond for sales of $500,000 or less;
• $10,000 surety bond for sales greater than $500,000 but less than $1,000,000;
• $20,000 surety bond for sales greater than $1,000,000 but less than $3,000,000;
• $50,000 surety bond for sales greater than $3,000,000 but less than $5,000,000;
• $100,000 surety bond for sales greater than $5,000,000 but less than $10,000,000;
• $150,000 surety bond for sales greater than $10,000,000 but less than $15,000,000;
• $200,000 surety bond for sales greater than $15,000,000.

After your completed application is submitted, it is sent to an underwriter for review. The review process includes a credit check inquiry. To be approved by our agency, good credit is required.

Upon approval of your surety bond and payment of the premium, our agency issues your bond to you immediately.

In addition to your surety bond, we’ll send you a Power of Attorney form. We will sign your original bond as Surety; you will sign as Principal, filing all forms received to:

Maryland Department of Natural Resources Licensing

1804 West Street Suite 300

Annapolis, MD 21404

410-260-8200

Term/Duration of Your Bond

Your bond is issued with a standard term of one year.

Your boat dealer license, however, renews on December 31^st of each year. At your discretion, our agency can issue your surety bond to expire with the term of your license. Depending on the amount of surety required, doing so may prorate, and therefore, lower your premium.

This decision, however, is yours to make.

About Us

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, Court, probate, and other surety bonds in Maryland and all 50 states.

Please call our agency today at:

844-589-9732

Or, you may fill out the form below and a Surety Agent will call you...