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The purpose of Ocean Transportation Intermediary surety bonds or OTI surety bonds is to ensure compliance by the Principal (the OTI) with Section 19 of the Shipping Act (Title 46, U.S. Code 40901-40904). By posting the bond the Principal is also guaranteeing they will follow all the rules and regulations of the Federal Maritime Commission. Additionally, the bond also holds the Principal liable to Section 11 and Section 13 of the Shipping Act. This means the Principal is agreeing to conduct business in an ethical manner without committing fraud and will make all necessary payments collected from the shipper to the carrier.
The Federal Maritime Commission is charged with licensing OTIs and requires proof of financial responsibility as part of the licensing process in pursuant to Title 46, Code of Federal Regulations, Part 515, Subpart C. To date all such proof has been in the form of surety bonds. The Obligee on the bond is the United States of America.
OTI surety bonds begin on the effective date and remain in effect until canceled. The bond may be canceled by the Principal (the OTI) or the Surety with 30 days written notice to the Obligee (Federal Maritime Commission). The bonding company will renew and bill for the bond on an annual basis. As of December 2016, OTIs are required to renew their license every three years.
Contact The ProSure Group. As surety bond experts in business for over 23 years, The ProSure Group has experience handling bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
What you will need to submit to obtain your license:
|License||Ocean Transportation Intermediary Bond (FMC-48 Bond)||Federal Maritime Commission
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