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the freight broker bond increased from $10,000 to $75,000 [1] freight forwarders must also meet the $75k requirement [2] The freight broker bond increase took effect on October 1, 2013. Many freight brokers were against this change because they expected they would not be able to meet the new requirement.
A freight broker in the United States must be licensed by the Federal Motor Carrier Safety Administration (FMCSA) and be granted authority as verifiable via the FMCSA Licensing & Insurance database. [1] A freight broker, in freight transport , over land in the United States by truck [2] is often used as part of the logistics.
Reliance Partners is an insurance agency offering commercial insurance products for the transportation and logistics industry. The private equity-backed company [ 1 ] is based in Chattanooga, Tennessee , with eight additional office locations throughout the United States.
Contact an agent or broker: Once you know what kind of insurance you need, you can reach out to commercial insurance brokers or company agents to get exact pricing details and purchase a policy.
Insurance brokers work with you to find the right insurance policy and can answer questions you have about coverage and risk, but they don’t handle any other part of the process — unless they ...
Open Cargo or Shipper's Interest Insurance: This policy may be purchased by a carrier, freight broker, or shipper, as coverage for the shipper's goods. In the event of loss or damage, this type of insurance [ 25 ] will pay for the true value of the shipment, rather than only the legal amount that the carrier is liable for.
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