What is a Virginia Watercraft Dealer Bond?
Learn about the importance of this surety bond and how to obtain one ASAP!
What is a Watercraft Dealer Bond?
Every person who is intending to become a licensed watercraft dealer must furnish a surety bond to the Director of the Department of Game and Inland Fisheries, Commonwealth of Virginia.
The purpose of the surety bond is to ensure the fulfillment of obligations in accordance with the state laws, rules, and regulations set forth for watercraft dealers.
The surety bond must cover the amount necessary to financially compensate any person who will be harmed if the licensee commits a violation.
One of the violations includes soliciting “the sale of a watercraft through a pecuniarily interested person.”
If a violation occurs, the Obligee will be eligible to take action against the surety bond as part of the bond’s condition.
This requirement is in line with Section 29.1-810 of the Code of Virginia.
What is the Watercraft Dealer Bond amount?
The bond amount is $5,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Watercraft Dealer Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the Commonwealth of Virginia
- The surety bond should be made payable to any person who will suffer damages due to the misconduct of the licensee
- The licensed watercraft dealer must comply with the provisions of Title 29.1 Chapter 8 of the Code of Virginia as well as the rules and regulations of the Virginia Department of Game and Inland Fisheries
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim against the surety bond