US Law requires all Ocean Transportation Intermediary (OTI) operations to provide proof of financial responsibility to secure their obligations to the Federal Maritime Commission as well as to third parties for their transportation related activities as an OTI. The most common instrument of financial responsibility is a surety bond.
$50,000 bond limit (for one office) for a “freight forwarder” operation. A Freight Forwarder is engaged in the business of dispatching shipments on behalf of others, in order to facilitate shipment by a common carrier. Freight Forwarders commonly handle most of the freight arrangements on behalf of their shipping customers. Freight Forwarders generally charge fees for the services performed on behalf of their customers. We have a preferred market that would review based on credit information. Just need the completed application, attached. The usual charge is $600 if approved.
$75,000 bond limit (for one office) for a “NVO” operation. An NVOCC is an individual or organization engaged in the business of freight consolidation and transportation. An NVOCC takes legal possession of shippers’ cargo and consolidates the shipments, arranges packing, transporting and loading of shipping containers directly with an ocean common carrier. We have a preferred market that would review based on credit information. Just need the completed application, attached. The usual charge is $900 if approved.
$150,000 bond limit (for one office) for a “NVO” foreign operation. An NVOCC not located in the United States must submit a completed application and current business financials in $US and in English. The usual charge is $3,300 if approved.
We have multiple markets available to provide these bonds. Please complete the attached application if we can seek approval and rates for your company.