A bond is required for those who are authorized by the Ohio Department of Natural Resources, Division of Parks and Watercraft to sell boat and watercraft registrations. The bond is officially titled the Surety Bond for the Sale of Watercraft Certificate of Registration but, for the sake of brevity, will be referred to as the Boat Registration Agent Bond.
Jet Insurance Company offers this bond as a financial guarantee to the Division of Parks that they will be paid for the sale of watercraft registrations if the authorized agent cannot or will not submit the necessary payment.
With Jet, the cost of a Boat Registration Agent Bond can start as low as $10 or $100 per year. The price depends on the bond limit required and the financial status (confirmed by a soft credit check) of the authorized agent applying for the bond. The bond limit must be at least $8,000 but can be set higher by the Division of Parks and Watercraft.
Below, you can find the rates for an applicant in good credit standing at different bond limits.
Whether you choose our one-of-a-kind monthly payment plan to break up your payments or our annual payments that don’t include broker fees (that a middleman would tack on) Jet allows you to choose which option works best for you, regardless of the bond limit.
Within minutes, you’ll be able to complete Jet’s step-by-step application that only requires information necessary to get you quoted. This includes the bond limit, general business information, and your social security number to conduct the soft credit check. Don’t worry, a soft check will not impact your credit score.
After you finish the application, you will generally have an approved rate that is ready to purchase. Occasionally, higher limits will need to be reviewed by a Jet underwriter; if this is the case, you will receive an email with the approved rate and can purchase by clicking the link and providing payment.
Once you have paid, Jet will send you a digital copy of your bond and receipt. Jet can file the bond for you, or you can request the bond to be mailed to you so you can file it yourself with the Division of Parks and Watercraft.
The address to submit the original bond is:
ODNR Division of Parks and Watercraft
2045 Morse Rd
Columbus, OH 43229
This bond needs to be active during your time as an authorized agent for selling watercraft registrations. If your bond limit changes at any point during this time, notify Jet right away. For monthly payments, each payment that is processed will keep your bond running and a formal renewal is not needed.
For payments completed on an annual or multi-year basis, Jet will send you a renewal notice via mail and email plenty of time before your bond term is up. Simply complete the notice indicating your new term and pay the renewal premium and Jet will take care of the rest for you.
As for cancellations, you must send a written notice to Jet, such as an email to [email protected]. Jet will request cancellation from the Division of Parks and Watercraft and is at the mercy of the Division’s policy before the bond is fully cancelled. Those who paid for their bond in full at the time of purchase and cancel early may receive a partial refund. Once Jet has been fully released of liability, a calculation of any time remaining on the bond will be done to see if a refund is applicable.
The purpose of the Watercraft Registration Agent Bond is to safeguard against an authorized agent withholding payment from the Division of Parks and Watercraft. As long as the agent can fulfill the transfer of payment, according to Chapters 1547 and 1548 of the Ohio Revised Code, there should be no cause for a claim. If there is any indication that there is a missing payment, it is best to ensure that payment is made immediately to avoid the hassle of a bond claim.
However, if payment is missing, the Division will file a claim on the Boat Registration Bond to collect the payment that was due. As soon as a claim is filed, contact Jet right away. We are obligated to conduct an investigation into the allegation. Even though we will always defend against false allegations or malfeasance, a government agency will typically hold valid evidence.
If the claim is found to be legitimate, Jet must remit payment to the Division on your behalf. Since your actions led to the bond claim, you are ultimately responsible and must pay Jet back to avoid difficulties receiving a bond in the future, which is needed to continue working as an authorized agent for selling boat registrations.
Maybe — the Division of Parks and Watercraft can authorize a county clerk to sell watercraft registration certificates. A clerk must already carry a bond under Section 2303.02 of the Ohio Revised Code to conduct their business. A clerk that is bonded to perform their duty as a clerk will not be required to also submit the Boat Registration Bond.