Form FMC-48 Ocean Transportation Intermediary (OTI) Bond

OMB No. 3072-0018
Expires 12/31/2023

Form FMC-48
FEDERAL MARITIME COMMISSION
Ocean Transportation Intermediary (OTI) Bond
(Section 19, Shipping Act of 1984 (46 U.S.C. 40901-40904))

________________________________[indicate whether NVOCC or Freight Forwarder], as
Principal (hereinafter “Principal”), and _____________________________________, as Surety
(hereinafter “Surety”) are held and firmly bound unto the United States of America in the sum of
$__________ for the payment of which sum we bind ourselves, our heirs, executors,
administrators, successors and assigns, jointly and severally.
Whereas, Principal operates as an OTI in the waterborne foreign commerce of the United States
in accordance with the Shipping Act of 1984, 46 U.S.C. 40101-41309, and, if necessary, has a
valid tariff published pursuant to 46 CFR part 515 and 520, and pursuant to section 19 of the
Shipping Act (46 U.S.C. 40901-40904), files this bond with the Commission;
Whereas, this bond is written to ensure compliance by the Principal with section 19 of the Shipping
Act (46 U.S.C. 40901-40904), and the rules and regulations of the Federal Maritime Commission
relating to evidence of financial responsibility for OTIs (46 CFR part 515), this bond shall be
available to pay any judgment obtained or any settlement made pursuant to a claim under 46 CFR
515.23 for damages against the Principal arising from the Principal's transportation-related
activities under the Shipping Act, or order for reparations issued pursuant to section 11 of the
Shipping Act (46 U.S.C. 41301-41302, 41305-41307(a)), or any penalty assessed against the
Principal pursuant to section 13 of the Shipping Act (46 U.S.C. 41107-41109).
Now, Therefore, The condition of this obligation is that the penalty amount of this bond shall be
available to pay any judgment or any settlement made pursuant to a claim under 46 CFR 515.23
for damages against the Principal arising from the Principal's transportation-related activities or
order for reparations issued pursuant to section 11 of the Shipping Act (46 U.S.C. 41301-41302,
41305-41307(a)), or any penalty assessed against the Principal pursuant to section 13 of the
Shipping Act (46 U.S.C. 41107-41109).
This bond shall inure to the benefit of any and all persons who have obtained a judgment or a
settlement made pursuant to a claim under 46 CFR §515.23 for damages against the Principal
arising from its transportation-related activities or order of reparation issued pursuant to section
11 of the Shipping Act (46 U.S.C. 41301-41302, 41305-41307(a)), and to the benefit of the Federal
Maritime Commission for any penalty assessed against the Principal pursuant to section 13 of the
Shipping Act (46 U.S.C. 41107-41109). However, the bond shall not apply to shipments of used
household goods and personal effects for the account of the Department of Defense or the account
of federal civilian executive agencies shipping under the International Household Goods Program
administered by the General Services Administration.

The liability of the Surety shall not be discharged by any payment or succession of payments
hereunder, unless and until such payment or payments shall aggregate the penalty amount of this
bond, and in no event shall the Surety's total obligation hereunder exceed said penalty amount,
regardless of the number of claims or claimants.
This bond is effective the ___ day of __________, _____ and shall continue in effect until
discharged or terminated as herein provided. The Principal or the Surety may at any time terminate
this bond by mail or email ([email protected]) written notice to the Director, Bureau of Certification
and Licensing, Federal Maritime Commission, Washington, DC. 20573. Such termination shall
become effective thirty (30) days after receipt of said notice by the Commission. The Surety shall
not be liable for any transportation-related activities of the Principal after the expiration of the 30day period but such termination shall not affect the liability of the Principal and Surety for any
event occurring prior to the date when said termination becomes effective.
The Surety consents to be sued directly in respect of any bona fide claim owed by Principal for
damages, reparations or penalties arising from the transportation-related activities under the
Shipping Act of Principal in the event that such legal liability has not been discharged by the
Principal or Surety after a claimant has obtained a final judgment (after appeal, if any) against the
Principal from a United States Federal or State Court of competent jurisdiction and has complied
with the procedures for collecting on such a judgment pursuant to 46 CFR 515.23, the Federal
Maritime Commission, or where all parties and claimants otherwise mutually consent, from a
foreign court, or where such claimant has become entitled to payment of a specified sum by virtue
of a compromise settlement agreement made with the Principal and/or Surety pursuant to 46 CFR
515.23, whereby, upon payment of the agreed sum, the Surety is to be fully, irrevocably and
unconditionally discharged from all further liability to such claimant; provided, however, that
Surety's total obligation hereunder shall not exceed the amount set forth in 46 CFR 515.21, as
applicable.
The underwriting Surety will promptly notify the Director, Bureau of Certification and Licensing,
Federal Maritime Commission, Washington, DC. 20573, in writing by mail or email
([email protected]), of all claims made, lawsuits filed, judgments rendered, and payments made
against this bond.

Signed and sealed this ___ day of __________, _____.
(Please type name of signer under each signature.)

____________________________________________
Individual Principal or Partner

____________________________________________

Business Address
____________________________________________
Individual Principal or Partner
____________________________________________
Business Address
____________________________________________
Individual Principal or Partner
____________________________________________
Business Address
____________________________________________
Trade Name, If Any

____________________________________________
Corporate Principal
____________________________________________
State of Incorporation
____________________________________________
Trade Name, If Any

____________________________________________
Business Address

____________________________________________

By
____________________________________________
Title
____________________________________________
(Affix Corporate Seal)
____________________________________________
Corporate Surety
____________________________________________
Business Address
____________________________________________
By

____________________________________________
Title
(Affix Corporate Seal)

Form FMC-48
(Rev. 12/2015)