Property brokers will need to increase their bond limit from $10,000 to $75,000 and domestic freight forwarders will for the first time be required to post a $75,000 bond. These bonds will guarantee the payment of freight charges for their respective forwarder or broker services.
Property brokers and domestic freight forwarders are not required nor should they feel obligated to obtain the new bond until the October 1, 2013 enforcement date. However, we understand that some of our customers desire to voluntarily obtain the larger bond sooner to demonstrate increased financial responsibility to their clients. Therefore, we are pleased to offer the following options to work with you in obtaining the new $75,000 bond.
Property Brokers*
- Replace your bond now
- Wait until your current bond renewal date
- Wait until the FMCSA October 2013 enforcement date approaches
Domestic Freight Forwarders*
- If you are not currently bonded, we would be happy to work with you to get the bond.
Click here to let us know who in your organization you would like us to contact - and when - and we will contact that individual to arrange for the processing of your bond based upon your selection.
Of course, the best way to protect your own company is to maintain proper insurance coverages, including errors and omissions (E&O). If you don't currently carry E&O or other essential liability and property policies, please contact us so we can arrange to show you how to establish the right insurance/risk management program at a reasonable cost.
Roanoke Trade is continuously active in advocating for the international and domestic trade community and finding solutions for our clients to work more effectively. If you have any questions regarding this notice, or any other related subject, please contact us via email or call 1-800-ROANOKE to speak with a service representative.
*Operating as a property broker without proper authority may expose a service provider and its officers, directors, and partners to government fines and private actions. You should ask your attorney for advice if you have any questions about operating authorities.
Sincerely,
