Maryland Boat Dealer Bond
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What Is a Maryland Boat Dealer Bond?
Maryland General Assembly Statutes Section §8–710.1 requires that boat dealers or manufacturers submit a surety bond before receiving a dealer's license. Surety bonds hold boat dealers liable for any financial losses suffered due to of faulty business practices.
Your first bond must be for $20,000 in coverage. In following years, your bond amount will be based on annual sales volume:
- Sales of $500,000 or less: $5,000 bond
- Sales of $500,001 to $999,999: $10,000 bond
- Sales of $1,000,000 to $2,999,999: $20,000 bond
- Sales of $3,000,000 to $4,999,999: $50,000 bond
- Sales of $5,000,000 to $9,999,999: $100,000 bond
- Sales of $10,000,000 to $14,999,999: $150,000 bond
- Sales of $15,000,000 or more: $200,000 bond
How Much Do Maryland Boat Dealer Bonds Cost?
The cost for a Maryland boat dealer bond starts at $100. Your exact rate will be determined based on your credit score once you apply. Get your free quote now.
How Do I Get a Boat Dealer Bond in Maryland?
Getting a boat dealer bond is fast, easy and affordable with SuretyBonds.com. Simply follow these four steps to get bonded:
- Step 1: Apply for your bond online.
- Step 2: Pay your quoted invoice online or over the phone.
- Step 3: Select your shipping method for the original bond documentation.
- Step 4: Sign and file your bond with the Maryland DNR.
Email [email protected] if you have any questions along the way!
How Fast Can I Get a Boat Dealer Bond?
With our industry leading technology, SuretyBonds.com delivers boat dealer bonds faster than any other surety company. Orders placed by 4 PM CST Monday-Friday are processed same-day. Overnight shipping is also available.
Why Do I Need a Maryland Boat Dealer Bond?
This bond ensures that boat dealers work according to state laws and statutes. If a dealer in Maryland doesn't follow the regulations and an individual is financially harmed, they can file a claim for reimbursement up to the full bond amount. The dealer must reimburse the surety for all claims paid.
Who Regulates Licensing for Boat Dealers in Maryland?
The Maryland Department of Natural Resources Licensing and Registration Service enforces licensing requirements for boat dealers. You can contact the department by calling 1 (877) 620-8367 or by emailing [email protected].
We also provide an auto dealer bond and motorcycle or trailer dealer bond for dealers in in Maryland.
How Do I Update or Change My Maryland Boat Dealer Bond Form?
If the Maryland Department of Natural Resources requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
How Do I Renew My Boat Dealer Bond in Maryland?
Your boat dealer bond in Maryland should be renewed at the end of its current term. Once you pay your SuretyBonds.com renewal invoice, we'll provide renewal instructions to keep your bond policy active.
How Do I Get a Maryland Boat Dealer License?
The Department of Natural Resources has specific requirements for your boat dealer business licensing. To get your license, complete the steps below:
- Complete the Boat Dealer License Application.
- File a Maryland surety bond.
- Pay the $25 license fee.
- File your application with your local Department of Natural Resources center.
Additional Resources
Have Questions?
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