FMC bond

Ocean Transportation Intermediary (OTI) ocean freight forwarders and non-vessel-operating common carriers (NVOCCs) are required to submit acceptable proof of financial responsibility to the Commission. Although OTIs may submit surety bonds, guaranties or insurance as proof of financial responsibility, to date all such proof has been in the form of surety bonds.

Ocean freight forwarders are required to submit proof of financial responsibility in the amount of $50,000.

U.S.-based NVOCCs and licensed non-U.S.-based NVOCCs are required to submit proof of financial responsibility in the amount of $75,000. Unlicensed non-U.S. based registered NVOCCs are required to submit proof of financial responsibility in the amount of $150,000.