Oregon Ocean Charter Vessel Owner Bond - $5,000
What is the Oregon Ocean Charter Vessel Owner Bond?
Owners of watercrafts used in transportation, excluding floating homes and the like, are required to apply for proper licenses with the Oregon State Marine Board prior the legal conduct of their business.
The State of Oregon also mandates applicants to secure application with the Oregon State Marine Board, as well as the United States Coast Guard, filing either an Operator License or Motorized Passenger Boat Operator’s Certification. Accordingly, applicants must also file for a charter vessel ownership bond in the amount of $5,000 with the Oregon Insurance Department, and must be settled prior their operation. The application comes with a $150 fee for residents and fees exceeding $150 for non-residents.
For more information, you may visit Oregon’s State Marine Board page or their physical office.
Why do you need an Oregon Ocean Charter Vessel Owner Bond?
The State of Oregon imposes strict regulations for charter vessels to ensure the public’s safety and security against potential environmental and physical hazards these watercrafts pose. As a pre-licensing requirement, the State of Oregon mandates applicants to secure a bond to ensure the compensation of the public and business’ patrons in the event the applicant defaults or fails to comply with licensing provisions.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Clients are completely safe and secure under your agency
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
More details about the Oregon Ocean Charter Vessel Owner Bond
The charter vessel owner bond must be filed with Oregon State Marine Board and must be issued by a surety bond provider certified by the state’s Insurance Department. The parties in the agreement are:
- Principal (charter vessel owner or permittee)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider)
How much does an Oregon Ocean Charter Vessel Owner Bond?
Although the bond itself is normally between $100-$250 with premium rates of 1-5%, the cost of the Oregon Ocean Charter Vessel Owner Bond will typically depend on the employer’s credit score, industry experience, business history, and the surety provider’s background.
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered 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.