If you are an Oregon Ocean Charter Vessel Owner in Oregon you are required under chapter 830.440 of the Oregon Revised Statutes to file an Oregon Ocean Charter Vessel Owner’s License Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Oregon Ocean Charter Vessel Owner’s License Bond holds you accountable for your business decisions.
By possessing an Oregon Ocean Charter Vessel Owner’s License Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.