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Bonds

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Bonds

In the arena of international trade, there are two basic classes of bonds, required by two different agencies of the U.S. government: the Federal Maritime Commission and U.S. Customs. All ocean freight forwarders and Non-Vessel Operating Common Carriers (NVOCC's) handling cargo originating from or destined for the United States must now be licensed and bonded as Ocean Transportation Intermediaries (OTI's).

The OTI Bond

Those who have been in the international trade business for awhile will know that the predecessors to these bonds were known as FMC and NVOCC Bonds. The OTI bond is intended to guarantee that contracts with shippers and carriers will be carried out and to protect the shipping public by ensuring the forwarder or NVOCC complies with Federal Maritime Commission regulations.

There are set bond amounts required for both classes of Ocean Transportation Intermediary:

Freight Forwarders - required to obtain and carry a bond of $50,000.

NVOCC's - required to obtain and carry a bond of $75,000.

For those operating outside the U.S. the minimum bond amount is $150,000.

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U.S. Customs Bonds

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Miscellaneous Bonds

Global Insurance Network can help you with any of your U.S. Customs Bond needs.
ABT Bonds (Division of Alcoholic Beverages and Tobacco)
Website: www.myfloridalicense.com
FECR Bond
(Florida East Coast Railway Bond)
Website: www.fecrwy.com
ICC Bond:
Form Number BMC-84 (Property Broker's Surety Bond Under 49 U.S.C. 13906)
Through the Federal Motor Carrier Safety Administration
Website: fmcsa.dot.gov

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