Florida yacht and ship salesperson or broker bonds ensure that principals (salespersons/brokers) comply with all provisions of the Yacht and Ship Brokers' Act and all rules and regulations made by the Florida Department of Business and Professional Regulation - Division of Florida Land Sales, Condominiums, Mobile Homes, Section of General Regulation. Specifically, the bond guarantees that brokers and salespersons will faithfully apply all funds given to them by consumers.
This bond is issued by the State of Florida Department of Financial Services, Division of Insurance, pursuant to Chapter 641.01 et seq., Florida Statutes, and is subject to regulation by the Commissioner of Insurance. This bond is issued by Florida Yacht and Shipbrokers, Inc. ("Florida Yacht") to provide protection against loss or damage to property owned by Florida Yacht arising out of marine insurance risks.
This bond protects Florida Yacht and its principals against losses from marine insurance claims paid by the insurer.
This bond provides coverage for the following types of risks:
This bond does not cover risks associated with vessel ownership, operation, maintenance, repair, or charter.
This bond covers only those risks covered by the policy of marine insurance issued by the insurer.
If the insured has multiple policies covering the same risk, the bond shall apply only to the extent that the total amount of the combined limits of the policies exceeds $25,000.
This bond is renewable annually upon payment of the premium.
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