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.
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