What is an Oklahoma Federal Maritime Commission Bond?

Oklahoma Federal Maritime Commission BondAs an economic sector, the ocean shipping industry creates employment, generates services, produces income, and offers an excellent source of revenue. Despite its distinct features as an industry segment, it filters through into other economic sectors and activities.

Today, maritime transport facilitates industrial development by propping up manufacturing growth; it bands together consumers, pulls transitional and capital goods industries; most importantly, promotes regional and international economic integration and trade assimilation.

With its massive financial reach and multiple industry players, there is a definite necessity for anyone operating within the industry to secure protection, display professional competence, and exhibit sincere concern for the paying public. This is where the Federal Maritime Commission Bond becomes a high requirement.

The Oklahoma Federal Maritime Commission Bond is an irrefutable declaration that a shipping company will comply 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 Oklahoma Federal Maritime Commission Bond?

Having an Oklahoma Federal Maritime Commission Bond renders you as a stable 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 Oklahoma Federal Maritime Commission Bond

The Oklahoma 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 Oklahoma Federal Maritime Commission Bond cost?

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 excellent financial documentation and commendable business performance are expected to pay lesser than those who have an unfounded and fallacious credit history.


How do I obtain an Oklahoma Federal Maritime Commission Bond?

Getting an Oklahoma Federal Maritime Commission Bond is simple. Contact authentic surety bond practitioners to avoid having your project or business launch stalled. Choose also one who can provide you fast and efficient bonds.

Liked this content? Share it!