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Surety Bonds for Canadian Brokers

Discussion in 'Insurance' started by ShawnR, Oct 7, 2013.

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  1. allfreight

    allfreight Site Supporter

    I would start with your insurance agency that you use now. We use Dalton Timmis and that is who is obtaining ours for us. TIA also issues broker bonds.
     
  2. Freight17

    Freight17 Member

    Any suggestions on insurance companies who supply these surety bonds?
     
  3. PackRat

    PackRat Site Supporter

    Has anyone heard the number of company's that won't be able to qualify for the new requirements?
     
  4. ShawnR

    ShawnR Site Supporter

    yup:

    Federal Motor Carrier Safety Administration (FMCSA) regulations state that freight brokers who arrange transportation in or through the U.S. are required to possess a Motor Carrier Number (MC#) backed by a minimum $10,000 US surety bond or registered trust fund.

    The U.S. FMCSA regulation refers to load brokers as Motor Carrier Property Brokers. Information on registration in the U.S. can be obtained through the Federal Motor Carrier Safety Administration website. Confirmation of proper registration by a freight broker or carrier can be confirmed using the search tools on the website.
     
  5. MikeJr

    MikeJr Moderator Staff Member

  6. ShawnR

    ShawnR Site Supporter

    beam me up scotty!
     
  7. loaders

    loaders Site Supporter

    Yes, surety bonds are required for freight brokers if they engage in both interstate and US/Canada freight movements.
     
    Last edited: Aug 23, 2013
  8. ShawnR

    ShawnR Site Supporter

    if you handle freight moving into or out of US/Canada then yes. You'll need an MC from FMCSA also, but if you only broker freight within Canada then no.

    p.s. the current bonding is $10,000, as of October 1 you'll need $75,000.
     
  9. Freight17

    Freight17 Member

    Do Canadian Freight Brokers require Surety Bonds if they do not handle inter-U.S. shipments?
     

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