By Wendy Emerson
Many Surety Bonds renew in the month of October, and it all started on July 6, 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act (MAP-21; P.L. 112-141).
Section 32104 of MAP-21 directed the Secretary of the U.S. Department of Transportation (DOT) to issue a report on the appropriateness of the current minimum financial responsibility for freight forwarders and brokers and the current bond and insurance requirements. With a study on the adequacy of the Agency’s current required 10k minimum levels of financial responsibility for the requirements for freight forwarders and brokers, it was then mandated these requirements to be $75,000 effective October 1, 2013.
For over 15 years, TIA has proudly partnered with industry leading insurance broker, Avalon Risk Management, to develop a quality bond program that’s exclusive to TIA members.
The TIA Bond Program reflects our Integrity and Values as a leader and advocate for third-party logistics professionals doing business in North America and satisfies the FMCSA (MAP-21) requirements for property broker and freight forwarder authorities with a $75,000 bond. While Higher bond limits of $100,000 and $250,000 are available exclusively for TIA members
DYK…less than 1% of all brokers, forwarders, and other 3PLs have bonds that exceed the $75,000 level.
As the premier professional association for the third-party logistics industry, we want you to succeed. Let us help you take your company to the next level!
To get started, complete an online application at www.tiabond.com on the next page. Applying does not guarantee approval. After all documents are submitted, we will review the information, and an agent will contact you within 48 hours.
Contact the TIA Bond team at [email protected] for more information or call Wendy Emerson at 703-209-0143.