Boat Registration Agents appointed by the Oregon State Marine Board (OSMB) to issue temporary permits for boat owners are required to obtain a $1,000 Boat Registration Agent Bond. The bond is required to financially guarantee the fees are collected as directed by the OSMB by Agents and in a timely manner.
You can find the best deal to fulfill this surety bond requirement by purchasing a Boat Registration Agent Bond with Jet Insurance.
For the Boat Registration Agent Bond in Oregon, Jet’s rate is $100 for a year of coverage. Other surety companies require underwriting and a credit check to determine your rate, starting at 1% of the bond limit.
Occasionally, the OSMB may raise the amount of the bond if they deem that your business goes beyond the standard $1,000 limit and Jet’s rate may vary in that instance. In most cases, the $100 will still apply for the bond regardless of the bond limit, but may be sent to underwriting for evaluation. Jet Insurance Company, is able to offer this rates by cutting out brokers and their fees to give you the lowest price on the market.
Yes! Our office is able to issue the bond per the Board’s instructions - containing the surety’s information, necessary signatures and the surety’s seal following payment online.
Not only does this save you time, but this saves on shipping costs and reduces the environmental impact by cutting down paperwork and transportation.
New applicants have the option to have the original bond form sent to them directly to file with any additional licensure paperwork to be forwarded to:
Oregon State Marine Board
P.O. Box 14145
Salem, OR 97309
The Boat Registration Agent Bond is a guarantee that Boat Registration Agents will comply with the Oregon State Marine Board regulations. The Marine Board uses the bond to ensure that permit fees are accurately collected and submitted in an appropriate timeline. Registration fees are to be collected starting at $5 with $5.95 added for each foot of the boat length.
No; the Marine Board does not accept any cancellation requests for a Boat Registration Bond. The bond must run until the expiration date specified on the bond.
Your Boat Registration Bond needs to be continuously in effect during your time as an appointed agent then expire on the date indicated on the bond.Your bond will be subject to an expiration date which will vary per agent. If needed, you may prepay Jet for multiple years of coverage to run until the date listed on the bond.
Bond claims come as a result of violating the Oregon Revised Statutes (ORS) 830, such as not following the OSMB’s standards for collecting registration fees and not submitting the fees within the allotted time. As long as you follow the instructions given by the Board, you will not pay anything past the initial $100 to issue the bond; if you do not, they may file a claim against your bond. Typically, the Board files a claim when there are outstanding fees from a Boat Registration Agency that is going out of business.
With Boat Registration Bonds, the Marine Board files claims against agents as a disciplinary action when it does not receive the fees collected from agents issuing temporary permits. Jet will always investigate any claims filings to make sure they are legitimate, but a government entity usually has a good case for their claim. The best way to avoid a claim is to make sure that you are submitting collected fees to the Board.
When a claim is submitted to Jet, our claims team will reach out to you right away to investigate. Once both parties have submitted all necessary information, our team will assess the validity of the claim. If the claim stands, the bond will reimburse the claimant for the losses, up to the full amount of the bond. However, with a claim coming from a regulator agency, like the OSMB, who most likely has conducted its own investigation, there is little Jet can do to fight the claim.
While surety bonds act in a similar way to insurance — paying a small premium to receive a larger amount of coverage — the coverage protects others from your actions as a boat registration agent. When a claim is paid out from your bond, you will have to pay Jet back in the amount of the claim.
When you are ready to proceed with your bond, Jet makes the process quick and easy. When you click the “Purchase Bond” button, you will begin the application, accurately filling out business information that Jet needs to complete bonding.
Jet guarantees a rate of $100 for your Boat Registration Bond, so your bond will be issued once your application is complete. Other companies will take your information and go through underwriting, which takes time and results in higher rates.