What is the New Mexico Federal Maritime Commission Bond?
The New Mexico Federal Maritime Commission Bond is an explicit affirmation that a shipping company operating within the state of New Mexico 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 indisputable warranty that clients, partners, and all stakeholders will be dealt with maximum impartiality and good sense.
Why do you need a New Mexico Federal Maritime Commission Bond?
Having this bond renders you a committed and skillful business owner who can provide services in an honorable manner. 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 confident that as they avail of your services, they will be protected.
More details about the New Mexico 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 primary 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 Federal Maritime Commission Bond?
The bond with all its features and benefits is not expensive. However, a Federal Maritime Commission Bond premium is immensely dependent on your financial credit report and status as a business person. Qualified candidates with excellent financial documentation and commendable business performance are expected to pay lesser than those who have an unsubstantiated and fallacious credit history.
How can I get a New Mexico Federal Maritime Commission Bond?
Obtaining this bond is simple. Be sure to get in touch with certified professionals in the surety field and immediately give them a call. With reliable surety bond professionals 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.