Surety Bonds for Canadian Brokers

ShawnR

Site Supporter
#21
from what I hear & see this won't have time to go through by October 1, so it probably won't workout for their suit...

we'll see what happens after October 1.
 

Freight Broker

Well-Known Member
#23
Really, the requirements for qualification is to have $75K working capital. In my opinion, even $75K isn't really enough working capital to carry accounts receivable .... decent brokers are generally paying out before they are collecting. The only brokers who won't qualify are the onesy twosies working from their basements in their underwear, and good riddance really.
Hey, don't paint all of us little basement brokers with the same brush! I'll bet that my very nice basement home office complete with couch and frig compares very favorably with the average run down mildew infested strip mall office that most "pros" waste hundreds of hours every year commuting to and from. My typical day: I'm at my desk and working by 6:30 am.. My lovely wife brings me breakfast at around 8:00 am.. a REAL breakfast with EGGS, TOAST, JUICE, COFFEE (none of that fast food take out CRAP).. OH!!!! and speaking of wife, she too had nothing on but her undies this morning...ahum...so I got laid up (so to speak) for an hour (my handy office couch) but worked through lunch, and by around 2:00 pm was back on track for the day. Ah...the distractions of a home office.. Frankly it would SUCK to work in a cubicle at, say, TQL or CH or one of the other "real" brokerages. BTW.. I got my 75K bond a long time ago...is that still in an issue? ... good grief. Working from my little basement office is literally heaven on earth!!! Between all the food, wine, sex and rock and roll I still make well into the seven figures in sales... without even leaving my not so humble abode!!!!! Don't knock it until you've tried it!!!
 

ShawnR

Site Supporter
#24
haha, not sure if that's a joke or not, but if you do have the $75k Bond then good! That's what I've been saying for a while, the $75k Bond is not so hard to get! Just run a good business and you'll be good to go. If you run a tight cash flow paying out 60-90 days and breaking promises then too bad, maybe you shouldn't be brokering freight and handling other people's money!
 

Freight Broker

Well-Known Member
#25
haha, not sure if that's a joke or not, but if you do have the $75k Bond then good! That's what I've been saying for a while, the $75k Bond is not so hard to get! Just run a good business and you'll be good to go. If you run a tight cash flow paying out 60-90 days and breaking promises then too bad, maybe you shouldn't be brokering freight and handling other people's money!
No joke my friend... I make sure I'm golden with my customers and my carriers, and the rest pretty much takes care of itself. BTW...I'm adding another high-tech gadget to my office...a really big (HUUUUUUUUGE!!!!) screen TV that will take up most of one wall. My thinking is that I can watch some educational TV in those few moments I have sometimes between moving loads. Some really good sales stuff to watch, for example. Beats snoozing on the couch ya know.. :cool:
 
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loaders

Site Supporter
#28
As of Oct 1, 2013, all licensed property brokers must have a 75K bond on file with the FMCSA. No news re: the injunction. Just went through the whole ordeal last week, and also found out my BOC 3 filing was out of date. All is current now.
 

ShawnR

Site Supporter
#29
FMCSA is giving themselves 30 days grace period, but that's for them not the public.

who ever doesn't have the new bond should get it asap!

plenty of affordable options out there!!!
 

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