As a condition of holding a Freight Forwarder or NVOCC license in the United States, or to issue bills of lading in the United States, it is required to obtain an Ocean Transportation Intermediary (OTI) License from the Federal Maritime Commission (FMC). As a condition of licensure, licensees are required to provide proof of financial responsibility in the form of a cash deposit or more commonly, a bond.
Obtaining a bond can be a difficult process that requires a company and/or individual owner to provide financial statements. For smaller or newer companies, many times collateral of 50% or 100% of the bond value is also required. This has become even more prevalent during the past few years of financial turmoil, whereby even medium-sized companies are being required to place collateral or provide financial guarantees from the owners. Owners who provide financial guarantees are personally liable for the full value of the bond should any claim occur, thus risking their personal assets, home, or other property. Anova provides to its customers a BondASSIST program that does not require such financial guarantees or collateral.
OTI Bond Option 1: BondAssist Program
Anova is one of the only providers with a system in place for small companies, allowing them to avoid the need to show financials, provide collateral, or place a letter of credit. Through Transport & Logistics Cover, customers can obtain their bonds through the BondAssist program, which permits them to obtain OTI bonds (those required for the Freight Forwarder or NVOCC license) through a simple questionnaire.
OTI Bond Option 2: Standard Application
Anova also provides its customers with traditional OTI bonding at competitive rates. We offer a less-intrusive, streamlined process and require only one year of financial statements along with a bond application. We do not require personal financials or financials for more than one year.
Why Choose Anova for OTI Bonds?
Anova offers a BondASSIST Program that does not require financial guarantees or collateral.
Anova’s BondASSIST does not require a personal guarantee.
All of Anova’s bond are offered at competitive rates via a less intrusive process than other providers.
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