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WHY DO I NEED A TIASURETY? In today's competitive transportation environment, 3PLs need the services of a surety provider that understands their special needs. TIASurety offers solutions and protections that brokers can't get anywhere else. Every transportation broker must have on file with the FMCSA either a surety or trust fund agreement in the amount of $10,000. If you have a bond and the bonding company receives a claim against it, the company will cancel the bond in most cases even if you pay the claim. Usually, you will have no defense against the insurance company attaching your assets and no chance to defend your good name. The final blow comes when the bonding company sends a notice of cancellation to the FMCSA, which cancels your authority. (Note: You may not be notified of the cancellation.) In addition, TIASurety offers sureties for domestic freight forwarders that seek to add this extra assurance for their customers. HOW IT WORKS Application TIASurety participation is contingent upon the applicant's ability to provide evidence of corporate (or personal) financial integrity within the transportation community. Further, all applicants must provide prior credit history and exhibit financial capacity. Amount of Trust The extension of financial assurance by the trustee is fully collateralized with a $10,000 deposit into a trust account or a standby letter of credit, extended to and held by the trustee. The amount of the TIASurety Trust Certificate can be customized upward from $10,000, depending upon the company's needs. Disputes TIASurety requires that decisions be rendered through mediation or the courts before making any award. During this process, TIASurety members retain their ability to conduct business without the threat of FMCSA brokerage authority cancellation. THE TIASURETY SOLUTION TIASurety notifies participating brokers of claims against them and gives them the opportunity to defend against warrantless claims. Should a decision against your trust account prevail, you will have the opportunity to replenish the account without forfeiting your surety. TIASurety Officers Choices
Flexibility By allowing participants to customize their surety amounts to meet their customer's needs. Protection Because TIASurety is the surety company run by TIA, and because TIASurety offers objective claims administration, TIASurety participants do not have to worry about some clerk paying bogus claims. Our Trust Administrator has over 25 years of experience in claims administration. For more information about TIA’s Surety Program, call Nancy O’Liddy at (703) 299-5711 or oliddy@tianet.org. |
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