{"id":14923,"date":"2020-04-15T15:42:27","date_gmt":"2020-04-15T22:42:27","guid":{"rendered":"https:\/\/www.dmv.ca.gov\/portal\/handbook\/vehicle-industry-registration-procedures-manual-2\/bonds-and-certifications\/undocumented-vessel-surety-bond\/"},"modified":"2024-07-10T15:41:03","modified_gmt":"2024-07-10T22:41:03","slug":"undocumented-vessel-surety-bond","status":"publish","type":"dmv_handbook","link":"https:\/\/www.dmv.ca.gov\/portal\/es\/handbook\/vehicle-industry-registration-procedures-manual-2\/bonds-and-certifications\/undocumented-vessel-surety-bond\/","title":{"rendered":"23.055 Undocumented Vessel Surety Bond"},"content":{"rendered":"<p>An Undocumented Vessel Surety Bond (REG 5058) form, or a bond alternative <strong>must <\/strong>be submitted when the required supporting evidence of ownership is not available and at least one of the following conditions exist. <cite class=\"dmv-citation\">(CVC \u00a79923, CCR \u00a7190.03)<\/cite><br>\u2014 The value of the vessel is $2000 or more.<br>\u2014 A release from the legal owner\/lienholder cannot be obtained.<br>\u2014 An application is being submitted by a dealer, dismantler, or registration service.<\/p>\n\n\n\n<p>A Motor Vehicle Ownership Surety Bond (<a href=\"https:\/\/www.dmv.ca.gov\/portal\/es\/file\/motor-vehicle-ownership-surety-bond-reg-5057-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\">REG 5057 (PDF)<\/a>) form is acceptable for any vessel, including a vessel from another state or country, provided the <a href=\"https:\/\/www.dmv.ca.gov\/portal\/es\/file\/motor-vehicle-ownership-surety-bond-reg-5057-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\">REG 5057 (PDF)<\/a> correctly identifies the vessel, has a rider attached covering the vessel, and is issued by an admitted surety insurer authorized to do business in California by the Department of Insurance.<\/p>\n\n\n\n<p>The bond must be obtained for the fair market value of the vessel, as determined by one of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A written appraisal provided by a California or other state-licensed yacht and shipbroker.<\/li>\n\n\n\n<li>A Statement of Facts (<a href=\"https:\/\/www.dmv.ca.gov\/portal\/es\/file\/statement-of-facts-reg-256-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\">REG 256 (PDF)<\/a>) form giving the valuation based on information provided in a recognized industry motor vehicle valuation and pricing handbook, such as the Kelley Blue Book. The <a href=\"https:\/\/www.dmv.ca.gov\/portal\/es\/file\/statement-of-facts-reg-256-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\">REG 256 (PDF)<\/a> must also include:<br>\u2014 The lowest and highest price variations added together and divided by two,<br>to get the average price of the vehicle which shall be used as the fair market value of the vehicle. <br><strong>Example<\/strong>: 1,000+2,000=3,000, 3,000\u00f72=1,500. Fair market value=$1,500.<br>\u2014 Any information required for the diligent effort.<\/li>\n<\/ul>\n\n\n\n<p><span role=\"region\" class=\"format-label--note\"><span class=\"format-label__text\">Note<\/span> The bond must be signed by the <strong>surety <\/strong>and the signature must be notarized. A bond <strong>preprinted <\/strong>with the surety\u2019s signature and notary acknowledgement is <strong>not acceptable<\/strong>. <\/span><\/p>\n\n\n\n<p>Bond forms are available on DMV\u2019s website at dmv.ca.gov.<\/p>","protected":false},"featured_media":0,"parent":14887,"menu_order":12,"template":"","dmv_task":[11],"dmv_functional_page_type":[64],"dmv_handbook_category":[946,595],"class_list":["post-14923","dmv_handbook","type-dmv_handbook","status-publish","hentry","dmv_task-educational","dmv_functional_page_type-informational","dmv_handbook_category-bonds-and-certifications","dmv_handbook_category-vehicle-industry-reg-procedures-manual"],"featured_image_src":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>23.055 Undocumented Vessel Surety Bond - California DMV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dmv.ca.gov\/portal\/es\/handbook\/vehicle-industry-registration-procedures-manual-2\/bonds-and-certifications\/undocumented-vessel-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"23.055 Undocumented Vessel Surety Bond - California DMV\" \/>\n<meta property=\"og:description\" content=\"An Undocumented Vessel Surety Bond (REG 5058) form, or a bond alternative must be submitted when the required supporting evidence of ownership is not available and at least one of the following conditions exist. 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