Freight Broker Bond

[bad2thebond]

Why are freight broker bonds getting harder to obtain?

[Bond Magician]

Why are freight broker bonds getting harder to obtain?

There are a very high number of claims placed on this type of bond.

[grasshopper]

What are some ways to keep the claims down?

[don jipping]

Pay your carriers on time. Honor your broker/carrier contract.
This coverage is for unpaid freight charges.

If the carrier has fulfilled his obligation and delivered the freight on time to your contract specs....PAY THEM as you promised in the time frame agreed.

Just because your shipper hasn't paid you, doesn't concern the carrier, his contract with you.

You want to avoid claims, pay the carrier.

Don

[grasshopper]

How long does it take for a claim to go through? What if I honored my contract during the claim? Where in the time line of a claim does my bond get dropped?

[John M]

How long does it take for a claim to go through? What if I honored my contract during the claim? Where in the time line of a claim does my bond get dropped?

Well if someone file on your bond, you normally will be contacted by your bonding company, confirming you have a legitimate claim being filed against your bond. Should they determine you loose and are compelled to pay the claim amount, you should be allowed an opportunity to pay your bonding company the claimed amount back. They always want their money back. Depending on the complexity of the circumstance the process could vary from a few weeks to months.