BoatWiki

BoatWiki.com

The Free Boating Encyclopedia

DefinitionsGuidelinesResources
FormsDatabasesBlogsProfiles

Participate TranslateAbout
LinkTermsPrivacyContact

— WikiTags —

Bonded Title - Definitions



Advertisement

BoatScope

The nation's premier boat history report with a full compliment of title search resources. Includes eight maritime databases all rolled into one convenient interface. A must-have service for any prospective buyer, marine lender, or maritime professional.

Visit Now

Advertisement

Owner Background Search

Criminal Records
Assets - Properties
Personal Details


Know your seller!

Sponsored by

BeenVerified

Surety Bond

WikiTagsWikiShare


BoatWiki - Definitions

BoatWiki needs your help in maintaining our vital community resource.
Please WikiShare any comments, suggestions, or corrections regarding this subject.

Definition


Aug 17, 2023 - A surety bond in boating terms can be defined as a third party guarantee of performance or validity with respect to boat titling and purchase transactions. These are provided by established bonding companies that function in a similar manner as those providing insurance.

Context


Surety bonds in the marine industry are required by certain states with regard to the issuance of questionable boat titles. They are intended as protection for any subsequent owners, lenders, and other parties of interest from any respective title defects or challenges. Bonding is also required of licensed boat brokers and escrow service providers in many state jurisdictions. There are however, other circumstances in which bonding may come into play. These involve contractual arrangements where one party has concerns about the viability of another in making good on any representations, warranties, guarantees, or promises.

Conclusion


Affected parties should investigate the type of coverage provided by a surety bond and the reputation of such provider. Any concerns in this regard should be addressed by a qualified attorney.


Credits and References

Aug 17, 2023 - Page revised.




Advertisement

Advertisement



Float Your BoatWiki

Learn about the role you can play
in supporting the internet's most reliable
source of free boating information.

WikiAlerts

Stay informed about urgent matters of
boater fraud and the latest changes in
 boat registration or safety regulations.

Advertisement

Advertisement



BoatWiki.com

A Division of Maritime Partners, LLC
State of Washington  USA
© Copyright 1998 - 2024 All rights reserved.

boatwiki boatwiki