Our licensed agent/broker has successfully placed and renewed 1,000+ bonds and insurance products, fostering enduring relationships with numerous surety and insurance agencies over the years. Leveraging these connections, we will diligently shop around to provide you with the most competitive rates.
We offer FMC-required OTI bonds, Customs bonds, and various other bonds and insurance products essential to the shipping and transportation industry.
All bond & insurance services are offered through our company’s dedicated insurance division:
ACE GLOBAL INSURANCE SOLUTIONS
(Licensed by California Department of Insurance under License # 6015151.)
Here are bonds and insurance products we offer:
Please contact us to get a free quotation.
OTI Surety Bonds (Form FMC-48)
OTI surety bond is a form of financial responsibility required by Federal Maritime Commission (FMC) as outlined in 46 CFR § 515. The surety bond covers the transportation-related activities of an ocean transportation intermediary (NVOCC/OFF) and provide financial protection to shippers, common carriers, and other affected persons against potential losses resulting from the OTI’s failure to fulfill its contractual or legal obligations.
OTI surety bonds must be issued by a surety company found acceptable by the Secretary of the Treasury, under Circular 570.
The required coverage amount are as follows:
- Licensed U.S.-Based NVOCCs: $75,000.00
- Licensed U.S.-Based OFFs: $50,000.00
- Licensed Non-U.S.-Based NVOCCs: $75,000.00
- Registered Non-U.S.-Based NVOCCs: $150,000.00
Customs Bonds (CBP Form 301)
Customs bond is a form of financial responsibility required by U.S. Customs and Border Protection (US CBP) as outlined in 19 CFR § 113. The bond is for businesses engaged in international trade and it ensures compliance with customs regulations and payment of duties, taxes, and fees associated with importing goods into United States.
We offer following bond types:
- Customs Type 1 Bond: Importers (annual/continuous bond only)
- Customs Type 2 Bond: Bonded Warehouse/CFS/IT/T&E
- Customs Type 3 Bond: AMS/CTPAT
- Customs Type 4 Bond: Free Trade Zone (FTZ)
- Customs Type 16 Bond: Importer Security Filing (ISF)
Freight Broker Bond (Form BMC-84)
A Freight Broker Bond is a type of surety bond required by the Federal Motor Carrier Safety Administration (FMCSA) in the United States for individuals or companies operating as freight brokers or property brokers. The purpose of the BMC-84 bond is to ensure that freight brokers comply with regulations and fulfill their financial obligations to motor carriers and shippers.
Cargo Insurance
Cargo insurance is a type of insurance coverage that protects goods and merchandise while they are in transit from one location to another. It provides financial compensation for losses or damages to the cargo caused by various perils such as theft, accidents, general average, and other unforeseen events.
Having cargo insurance gives companies a competitive edge and peace of mind, allowing them to focus on their core activities without worrying about potential losses.
E&O/NVOCC Legal Liability Insurance
E&O/NVOCC Legal Liability Insurance to a type of insurance coverage designed for Non-Vessel Operating Common Carriers (NVOCCs) to protect against errors and omissions (E&O) as well as legal liabilities associated with their operations.
Here’s a breakdown:
- Errors and Omissions (E&O) Coverage: This aspect of the insurance protects NVOCCs from financial losses due to mistakes, negligence, or omissions in their services. It covers claims arising from errors in documentation, incorrect routing of shipments, miscommunications, or other professional errors.
- NVOCC Legal Liability Coverage: This component of the insurance safeguards NVOCCs against legal liabilities related to their activities. It provides coverage for claims and lawsuits arising from issues such as cargo damage, loss, theft, delays, or contractual disputes with customers or other parties involved in the transportation process.
Combining E&O coverage with NVOCC legal liability insurance offers comprehensive protection to NVOCCs, ensuring they are financially secure and legally compliant in their operations. It helps mitigate risks associated with potential errors, omissions, or legal disputes, allowing NVOCCs to conduct their business with confidence.