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Starting a Brokerage
- Thread starter Kehinde
- Start date
thank you so much
Do you recommend any specific person to speak to?hello everyone its a great pleasure for me to see wonderful comments and an ideas.
I have started working as a carrier of MARS TRANSPORTATION INC brampton ontario.
I go for factoring company but not directly with brokers, be careful with brokers if you do factoring with brokers not all they will roll up your invoice or hold your invoice
Sir i have been contacting to NTBA for a long time but unfortunately i never get back suitable reply from them i really don't know what would be the reason.
Sir i was contacting brampton location office to inquire about broker license. but I dint get response from them. I started my company last year september 2018 and since that time having difficulties to sustain in the market. still have same scenario most of the broker not encouraging new carrier and they required one year DOT without any issues.while working as a carrier i am planning to enroll for freight broker license. when i talked with my insurance agent of mcdougall they refuse because they 2 years experience as a carrier and substantial growth in company.
so basically as of current situation i am focusing on broker to build up relationship to get any lanes.
kindly advise me how coordinate with brokers.
regards
Rashid ali
MARS TRANSPORTATION INC
so basically as of current situation i am focusing on broker to build up relationship to get any lanes.
kindly advise me how coordinate with brokers.
regards
Rashid ali
MARS TRANSPORTATION INC
loaders
Site Supporter
30
I am sorry Onmarst, but I still don’t understand exactly what you are doing. Are you trying to become a freight broker.? If so, there is no Ontario regulation required other than maintaining a trust account to comply with the Highway Traffic Act. If you will be selling freight that originates in, or is destined for the US, you will need to be licensed in the US with FMCSA. In order to complete that you will need to have a 75K surety bond, or trust agreement in place. There are many consulting companies that can help you with all of this, for a cost. A new entity, like yourself, will experience difficulty obtaining the surety bond unless you have at least 75K in retained earnings, or some other equity that can be secured by the bonding company. Having said all of this, I am still not sure if this is answering your question. What do you mean “while working as a carrier”? I suspect there maybe a language difficulty here.
loaders
Site Supporter
30
You see...that statement is confusing. A freight broker looking to obtain a 75K surety bond, does not need 2 years of experience as a carrier, that makes no sense. Either your insurance company is mistaken, or you have misinterpreted what they told you. Perhaps they said you need more experience and history as a freight broker in order for them to consider providing you with the surety bond. There have been previous posts regarding insurance for carriers, where new entities are being asked for a certain number of years experience before a new policy will be written. This is pertaining strictly to carriers, not brokers. Perhaps this is what your insurance company is referring to?
Rob
Site Supporter
30
So if I have this correctly you are a new carrier dying on the link but want to become a freight broker but have no customers? What is the plan to be a broker book all the loads as a carrier and broker them out as a broker?
lowmiler88
Site Supporter
30
The times we live in, you can't trust anyone these days to not double broker. From what we are hearing small companies are parking their US fleet and double brokering loads because they can't afford insurance.
Igor Galanter
Well-Known Member
20
Don't we need a proof of insurance to book a load?
loaders
Site Supporter
30
To be honest, I never could get my head around exactly what it was this person was trying to do. His/her posts were very disjointed and vague. It is hard to help someone who can't describe the help they want. On another note, as mentioned it is getting harder and harder to keep the doors and windows closed tight against the vermin of double brokering. Like rats, they will squeeze in between the slightest cracks in your defenses.
I got an insurance from scotish & york insurance broker was mcdougall insurance other insurance like economical is also good company but not for me because they refused me as new carrier