California Undocumented Vessel Bond
Easy application process! Fast approval!
What is a California Undocumented Vessel Bond?
It is a requirement mandated by the California Department of Motor Vehicles if the person who is applying for registration or transfer of a vessel cannot provide the regularly required supporting evidence of ownership.
The purpose of this bond is to indemnify the following if the applicant fails to disclose any important details such as security interests, previous owner, and defects.
- California DMV and all officers and employees
- Subsequent purchaser of the vessel
- Any person acquiring a lien or security interest
- The successor in interest of such purchaser or person
The requirement is in pursuance of Section 9923 of the California Vehicle Code.
How much does a California Undocumented Vessel Bond cost?
The bond premium will depend on the applicant’s credit score. This will typically range from 1.5% to 7% of the bond amount.
The bond amount varies. It will be determined by the California DMV.
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
How can I get a California Undocumented Vessel Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
APPLY FOR THIS BOND
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
UNDERWRITING
Next, you will be asked to submit a few important information that our underwriter requires to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed prior to submitting your application.
BOND ISSUANCE
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a California Undocumented Vessel Bond work?
This bond will serve as an enforceable agreement among three parties, namely:
Principal – the person applying for registration or transfer of undocumented vessel
Obligee – State of California
Surety – surety bond provider
The Principal and the Surety will partner in assuring the California DMV that anyone who will be harmed by the non-disclosure of the Principal will be compensated. The Principal is primarily responsible for the fulfillment of the obligations required by the Obligee. If the Principal fails to do any of the bonded obligations required by the relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.
Ready to apply for your surety bond? START HERE!
