Companies operating as ocean freight forwarders and Non-Vessel Operating Common Carriers (NVOCCs) in the United States are required to be licensed and bonded as Ocean Transportation Intermediaries (OTIs). This bond guarantees that contractual relationships with shippers and carriers will be fulfilled. Additionally, the bond responds to claims filed by the shipping public to ensure compliance with Federal Maritime Commission regulations.
Licensing & Financial Requirements of United States domiciled OTIs:
- Ocean freight forwarders and NVOCCs presently conducting business in the United States are required to be licensed and bonded.
- A freight forwarder is required to maintain a minimum bond amount of $50,000.
If a forwarder also has an NVOCC operation within the same corporate structure, only one license is required; however, a separate bond must be filed. The minimum NVOCC bond amount is $75,000.
- Truck Carriers
- In-Bond Movement
- Bonded Warehouses
- Container Freight Station
- Centralized Exam Station
BMC-84 Bond (FMCSA Bond)
The BMC 84 Bond is required by FMCSA for any entity acting as property broker or domestic surface freight forwarder in the amount of $75,000. Roanoke Trade represents American Alternative Insurance Corporation with an “A+” rating from A.M. Best and can help you secure this bond.
Turn to Roanoke Trade for Surety Bond Solutions
Insurance, surety and risk management solutions for supply chain and transportation intermediaries are Roanoke Trade’s focus. Contact us at 1-800-ROANOKE (800-762-6653) for more information to find out how we can serve your specific needs.