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Call Us Today 949-701-4612 |
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home about us contact info questions? payment center report your cargo claim |
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Call Us Today 949-701-4612 |
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home about us contact info questions? payment center report your cargo claim |
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Seaport Marine
1601 Dove Street, Suite 293 Newport Beach, California 92660 Get Map Phone: 949-701-4612 Fax: 760-436-2793 Email Us |
Oti BondsThose businesses operating as ocean transportation intermediaries (OTI) are required by the Federal Maritime Commission to be licensed and post a surety bond. There are two types depending on the license in which the business or individual has: the Freight Forwarders ($50,000.00) and/or Non-Vessel Operating Common Carriers ($75,000.00).The NVOCC Bond is required for 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. The Ocean Shipping Reform Act of 1998 requires all OTI's 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. The bond, FMC Form 48, is posted in the amount of $75,000 for a domestic NVOCC and $150,000 for a foreign NVOCC. Domestic NVOCC can have additional branch offices added to their bond. Each additional branch or location will require the bond amount to be increased in $10,000 increments. Alternative Names for the bond:
FREIGHT FORWARDER BOND Those businesses operating as ocean transportation intermediaries (OTI) are required by the Federal Maritime Commission to be licensed and post a surety bond. There are two types depending on the license in which the business or individual has: the Freight Forwarders ($50,000.00) and/or Non-Vessel Operating Common Carriers ($75,000.00). 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. The Ocean Shipping Reform Act of 1998 requires all OTI's 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. The bond, FMC Form 48, is posted in the amount of $50,000 for a domestic Freight Forwarder. Domestic Freight Forwarder can have additional branch offices added to their bond. Each additional branch or location will require the bond amount to be increased in $10,000 increments. Alternative Names for the bond:
Please see the below application. For a quick non-binding quote and a tentative approval, please download the application and send back by reply email to bickoff@cargomarineinsurance.com or seaportinsure@gmail.com. All applications are held in the strictest of confidentiality. Click Here for our Oti Bonds Application → |