Oregon Boat Registration Agent Bond
The State of Oregon requires boat registration agents to file a bond with the Marine Board to activate their license and continue operating as Boat Registration Agents. The bond protects the Marine Board by shifting to a surety bond company the cost of ensuring that the public is recompensed for damages resulting from the failure of the agents to comply with licensing provisions, including damages to public property and potential accidents.
What are the Boat Registration requirements in Oregon?
In the State of Oregon, all boat operators of all motorized boats - regardless of size - and 12-feet sailboats or longer, are required by the Marine Board to obtain their Certificate of Number, Certificate of Title, and Validation Decals to legally operate. Boat operators are only allowed to operate otherwise should they be able to secure a valid temporary permit. Boats must contain their respective Certificate of Number during operation, and must be available law enforcement inspection.
What is the Boat Registration Agent Bond?
The Boat Registration Agent Bond is a binding agreement between the Boat Registration Agent (Principal) and the Oregon State Marine Board (Obligee) that assures the financial compensation and safety of the Obligee. Boat Registration companies are required by Chapter 830 of the Oregon Revised Statutes to secure a bond with a certified surety bond company to ensure the public’s compensation for all damages and accidents that may occur during business operations.
To know more about the Boat Registration Agent Bond of Oregon, you may visit the Marine Board office or browse through their official website for details.
How Does it Work?
The Oregon Boat Registration Agent Bond must be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are the Principal (boat operator or permittee), Obligee (State of Oregon Marine Board), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Surety Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet scheduled taxes and fees or violate any other licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Surety Company
The Bond Company is secured through an indemnity agreement as the permit applicant or licensed business will ensure the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond.
How much does it cost?
The Oregon Boat Registration Agent Bond will cost about 1% of the bond amount.
How can I apply for this bond?
At Surety Bond Authority, we are committed to help you get your bond the fast and easy way. Follow our step-by-step procedure to help you get started.
If you want to secure your Oregon Boat Registration Agent bond, make sure to transact with a reputable surety carrier. You can APPLY HERE if you are ready to file for your Boat Registration bond. Our surety bond agent will guide you through the process of application until the issuance of your bond.
For the assessment, our underwriter will require the following information:
- Nature of your business
- Credit Score
- Financial strength
For a speedy processing of your bond application, make sure that you have collected and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.