What is an Idaho Federal Maritime Commission Bond?

Idaho Federal Maritime Commission BondThe ocean transport business environment is currently unstable, rivalries have heightened, profit boundaries have lessened, projected service quality has intensified and demand has become vague. In this perspective, it becomes imperative for shipping lines to put together and carry out engaging tactics to generate revenue, a substantial profit margin, and business growth.

In one research study conducted in 2014, there were specific options that companies can initiate to survive in the ocean transport business — diversification, differentiation, concentration, alliances, specialization, and cost leadership. To complement these strategies is a warranty that will place everyone’s mind at peace – the Federal Maritime Commission Bond.

The Federal Maritime Commission Bond is an unassailable assertion that a shipping company will act in accordance with all of the provisions mandated by the Shipping Act of 1984, the stipulations of the Foreign Shipping Practices Act of 1988, the specifications under Section 19 of the Merchant Marine Act (1920), and all conditions spelled out under Public Law 89-777. It is also an indisputable warranty that clients, partners, and all stakeholders will be dealt with maximum impartiality and composure at all times.

Why do you need an Idaho Federal Maritime Commission Bond? 

Having a Federal Maritime Commission Bond renders you a steadfast and capable business owner who can provide services in a principled approach. The bond can exceptionally enhance your reputation as a shipping business owner and can heighten your leadership within the industry. With this bond, customers are certain that as they avail of your services, they will be protected.

More details about the Idaho Federal Maritime Commission Bond?

The Federal Maritime Commission Bond specifies that:

For OFFs (Ocean Freight Forwarder), the Federal Maritime Commission bond coverage is $50,000 with an accompanying $10,000 coverage for every American stand-alone area office.

For licensed NVOCCs (Non-Vessel-Operating Common Carrier), the Federal Maritime Commission bond is $75,000 plus $10,000 for every U.S. autonomous office aside from the main workplace. On the other hand, unlicensed NVOCCs not based within the US must carry with them a $150,000 bond.

Violating any prerequisite of the Shipping Act can lead to fines of up to $5,000 for every infringement, or up to $25,000 for each transgression when committed on purpose.

How much does an Idaho Federal Maritime Commission Bond?

The bond with all its features and benefits is not expensive. However, a Federal Maritime Commission Bond premium is hugely reliant on your financial credit report and status as a business person. Qualified candidates with first-rate financial documentation and commendable business performance are expected to pay lesser than those who have an unfounded and fallacious credit history.

How do I get an Idaho Federal Maritime Commission Bond?

Getting a bond is simple. Be sure to get in touch with genuine professionals only. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.

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