What is the Kansas Federal Maritime Commission Bond?
The Kansas Federal Maritime Commission Bond is an unequivocal pronouncement that a shipping company operating within the state of Kansas will act in accordance with all of the provisions laid down in 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 irrefutable assurance that clients, partners, and all stakeholders will be dealt with with maximum objectivity and prudence.
Why do you need a Kansas Federal Maritime Commission Bond?
Having this bond renders you an unswerving and competent business owner who can provide services in a principled manner.
The bond can remarkably boost your reputation as a shipping business owner and can reinforce 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 Kansas Federal Maritime Commission Bond
The 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.
What is the cost of the Kansas Federal Maritime Commission Bond?
The bond with all its features and benefits is not expensive. However, a Federal Maritime Commission Bond premium is enormously reliant on your financial credit report and status as a business person.
Qualified candidates with unequaled financial documentation and creditable business performance are expected to pay lesser than those who have an unproven and flawed credit record.
How can I get a Kansas Federal Maritime Commission Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and cost-effective.