All U.S. based NVOCCs must be licensed by the FMC. Both NVOCCs licensed in the U.S. and those licensed in another country are required to provide an NVOCC surety bond (also referred to as an FMC bond) in the amount of $75,000. Unlicensed NVOCCs based outside of the U.S. must provide a bond in the amount of $150,000. An additional $50,000 riser is required from NVOCCs involved in U.S.-China trade because of the additional financial responsibility requirements imposed by the Chinese government.
Failure to maintain an active NVOCC bond can result in revocation of a U.S.-licensed NVOCC’s license. Unlicensed NVOCCs based outside of the U.S. will be designated as inactive and will incur large penalties for operating while in that inactive status.
