Domestic NVOCC Bonds

What is an OTI Bond?

OTI (Ocean Transportation Intermediaries) bonds are regulated and required from the FMC (Federal Maritime Commission). The are a financial requirement to be met by all OFF (Ocean Freight Forwarders) and NVOCCs (non-vessel-operating common carriers) to become licensed and operate in the United States.

Who is the FMC?

The Federal Maritime Commission (FMC), the agency regulating international ocean transportation, requires Ocean Transportation Intermediaries (OTIs) to provide proof of financial security in the form of a FMC-48 surety bond.

Domestic NVOCC Bonds

The Non-Vessel Operating Carrier Bond, also known as an NVOCC Bond, is required by all those engaged as Ocean Transportation Intermediaries (OTI’s) and guarantees compliance with the Ocean Shipping Reform Act

Currently, a domestic NVOCC is required to execute a $75,000 NVOCC Bond (Form 48); and a $150,000 NVOCC Bond is required for a foreign NVOCC. If there are several NVOCC branches domestically, each one of the branches will add $10,000 to the NVOCC Bond total.