Ind. Code § 25-28-1-2

Sec. 2. Before any person licensed as aforesaid, shall act as such pilot, he shall execute bond, payable to the state of Indiana, with sufficient sureties, to be approved by the clerk of the circuit court of Clark County, in the penalty of five thousand dollars ($5,000), conditioned for the faithful discharge of his duties as such pilot; which bond shall be filed in the office of such clerk for the use of persons injured by such pilot as such, and shall not be void upon a mere recovery until the penalty is exhausted.