Foreign NVOCC Bonds are financial securities that are required by the Federal Maritime Commission (FMC) for non-vessel-operating common carriers (NVOCCs) that operate in the international ocean transportation industry and are based outside of the United States.
NVOCCs are companies that arrange for the transportation of goods by ocean carrier on behalf of shippers, but do not own or operate the vessels themselves. The purpose of a Foreign NVOCC Bond is to provide financial protection for shippers and other parties in the event that the NVOCC fails to fulfill its obligations or causes financial loss.
For a domestic NVOCC, a $75,000 NVOCC Bond (Form 48) is required, and for a foreign NVOCC, a $150,000 NVOCC Bond is required. In the event that there are several NVOCC branches domestically, each branch will add $10,000 to the total.