OTI (OFF & NVOCC) BONDS AND INSURANCE
Individuals looking to get their Non Vessel Operating Common Carrier (NVOCC) license and Ocean Transportation Intermediary(OTI) license have to provide an surety bond to guarantee their company will comply with industry regulations. This type of license and permit bond is known by a number of different names: dealer bond, OFF bond, OTI or NVOCC bond, etc. No matter the exact name, this bond type is used to protect consumers and other businesses from fraud and other wrongful actions committed by OTI and NVOCC companies and their employees. In many cases they will also need a Commercial Liability Insurance policy or cargo policies as well.
All American Bonds and Insurance are pros at NVOCC and OTI Bonds and Insurance. Best of all we do it QUICKER than anyone else!
How much does a NVOCC or OTI Bond cost?
Many factors are considered when determining the price of an NVOCC and OTI bond, such as bond amount( between $75000 and $125,000), bond term, claim history, and credit history. Generally, the cost of the bond will range from $250 to 10% of the bond amount. Multi year bonds options are available and can help save money and time.
OTI (OFF & NVOCC) Bonds and Insurance: Protecting Your Shipping Business
As an Ocean Transportation Intermediary (OTI), whether as a Non-Vessel Operating Common Carrier (NVOCC) or an Ocean Freight Forwarder (OFF), you know that your business faces unique risks and challenges. That's why it's important to have the right protection in place to safeguard your operations and assets.
At All American Bonds and Insurance, we offer a range of insurance solutions tailored specifically to the needs of OTI businesses. Our OTI (OFF & NVOCC) Bonds and Insurance provides comprehensive coverage for a variety of risks, including:
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Bond requirements: Many OTIs are required to obtain a bond to ensure compliance with Federal Maritime Commission (FMC) regulations. Our bond coverage helps you meet these requirements while also providing protection against financial loss in the event of a claim.
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Liability claims: Accidents can happen, and when they do, you need to be prepared. Our liability insurance can help protect your business in the event of a claim related to cargo damage, loss, or other issues that may arise.
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Errors and omissions: As an OTI, you're responsible for ensuring that your clients' cargo is transported safely and efficiently. Our errors and omissions coverage helps protect you in the event of a mistake or oversight that results in financial loss for your clients.
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General liability: Your business may also face general liability risks, such as slip-and-fall accidents on your premises or property damage caused by your operations. Our general liability coverage can help protect you in the event of a claim related to these risks.
At All American Bonds and Insurance, we understand the unique risks faced by OTI businesses, and we're committed to providing customized insurance solutions to help you manage risk and protect your business. Our team of experts is available to work with you to develop a comprehensive insurance package that meets your unique needs.
Contact us today to learn more about our OTI (OFF & NVOCC) Bonds and Insurance and how we can help protect your shipping business.
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