Ocean Freight Forwarder
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.
OFF (Ocean Freight Forwarder) Bonds
The OFF Bond, also known as an Ocean Freight Forwarder Bond, is required by all those engaged as Ocean Transportation Intermediaries (OTI’s) and guarantees compliance with the Ocean Shipping Reform Act.