Avalon Risk
Management and the International Federation of
Freight Forwarders Associations (FIATA) established
a partnership in 2005 to provide a group NVOCC bond. The group bond is managed by Avalon Risk
Management with Great American Alliance Insurance
Company as surety. The bond satisfies the Federal
Maritime Commission (FMC)'s financial responsibility
requirement of all Non-Vessel Operating Common
Carriers (NVOCCs). Participation on the bond is
limited to individual members of FIATA or FIATA
Association members.
Eligibility &
Underwriting Requirements
FIATA members benefit from a streamlined
underwriting process, competitive rates and for
qualifying members, the elimination of surety
collateral requirements. Submissions must include:
- A signed and
completed
FIATA Group Bond Programme Application &
Indemnity Agreement.
- Current membership
certificate from a FIATA Association member or
a direct member of FIATA. Membership must be in
the name of the applicant and not a parent
company or subsidiary. To
verify if your association isa member of FIATA, visit
FIATA's homepage.
- Evidence of
Cargo Legal Liability and Errors & Omissions
Insurance. (It is not required this be
written through Avalon.) Submit a certificate of
insurance or a copy of the declarations page of
your policy with your application.
- Written proof
of tariff. (Not required in advance for
applicants not presently registered with the
FMC).
Annual
Premium
Annual premium is 1 percent of a participant's
individual bond limit. Each invoice includes a
$25.00 payment processing fee. Initial invoices are
pro-rated based on the participant's individual
effective date to the following 1
December, when the group bond renews for all
participants.
Application
Annual premium for the additional $21,000.00 limit
is $500.00. A $25.00 payment processing fee will be
applied if billed separately from the FIATA Group
Bond. Initial invoices are pro-rated. Available to U.S.-domiciled
companies only.
Contact
Information
Phone: (847) 700-8176 | Fax: (847) 439-9985 |
fiatabond@avalonrisk.com |
