Platinum Bonds Insurance Agency
Research before you apply.An OTI Bond is required by the Federal Maritime Commission for businesses that arrange ocean shipping services or operate as carriers without owning vessels. The bond amount ranges from $50,000 to $150,000 depending on the type of business and whether it's U.S.-based. This bond ensures that these intermediaries have t…
An OTI Bond is required by the Federal Maritime Commission for businesses that arrange ocean shipping services or operate as carriers without owning vessels. The bond amount ranges from $50,000 to $150,000 depending on the type of business and whether it's U.S.-based. This bond ensures that these intermediaries have t…
Ocean freight forwarders and non-vessel-operating common carriers (NVOCCs) who arrange shipping services for cargo transported by ocean vessels
Customs bonds are required by U.S. Customs and Border Protection for importing goods. Typical Pricing:. • Single entry bonds: Typically a flat fee based on shipment value. • Continuous bonds: Commonly around 1–5% of the bond amount annually. • Bond amount: Usually 10% of duties, taxes, and fees paid in the prior year (minimum $50,000). Continuous bonds cover all imports for a 12-month period. Specialized customs application required with import/export details.
Customs application — typically 1–3 business days
Bond cancellations become effective 30 days after the Commission receives the notice of cancellation from either the surety or the OTI.
The bond must be underwritten by a surety company acceptable to the U.S. Department of Treasury and listed on their Listing of Approved Sureties (Department Circular 570).
While the FMC allows surety bonds, guaranties, or insurance as proof of financial responsibility, all proof submitted to date has been in the form of surety bonds.
An OTI is either an ocean freight forwarder who arranges shipping services for cargo, or a non-vessel-operating common carrier (NVOCC) who provides ocean transportation services without operating vessels.
The bond amount varies by type: $50,000 for ocean freight forwarders, $75,000 for U.S.-based NVOCCs and licensed non-U.S.-based NVOCCs, and $150,000 for unlicensed non-U.S. based registered NVOCCs. The actual premium cost depends on the surety company and your financial profile.
This is an optional $50,000 rider that NVOCCs can add to their bond to meet Chinese government financial responsibility requirements for operating in U.S.-China trade routes.
Yes, a group of OTIs may file Form FMC-69, which is a group bond form. Members can be added and cancelled from the group bond by filing schedules.
If your bond is cancelled, your license will be revoked 30 days after the Commission receives the cancellation notice. Your name will be removed from the active OTI list and you cannot perform OTI services in U.S. trades.
Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.