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Are you load brokers aware of this:
LinkedIn Groups
While they're representing "guaranteed acceptance" for their members (through the first year until all the smoke clears?), after that it appears they recognize many will be dropped at renewal time when the underwriter will "evaluate the model of the program," which is probably why they're collecting this $2,000 fee UPFONT and are crediting people back that amount in the form of some strange rebate "in each of the first four years you are in the program" in $500 annual installments. I believe they know very well, most small brokers won't still be able to qualify AFTER the first year without full cash, once the underwriter reviews their financials.
Anyone who applies after October 5, 2012 (the first year premium is $3,600 if you buy now before October 5th btw) will NOT be automatically qualified, will pay the full "up to" $5,600 annual premium, and will have to go through underwriting, including all new entrants moving forward. At best, all this does is stall and delay the inevitable: the loss of tens of thousands of broker and agent jobs.
This is nothing more than a 'probationary-I-told-you-so' bond. As we read it, all TIA members are essentially on 'probation' for one year if they buy before October 5th... Then, when it comes to permanent approval that's when the axe will fall on most small brokers, in which case TIA gets to keep $1500 of your $2000 they are collecting upfront because you have to be in the program for all four years to get all your money back.
Voltmann always says brokers are banks. Well, this is nothing more than TIA acting like a mortgage bank, collecting $1,500 and then not having to pay it out when the account is closed (kinda like defaulting on a mortgage and going into foreclosure) . If you're deemed “underfunded” by the underwriter at renewal time, it appears they will keep your $1500 just like the bank takes your house. Excellent scheme, Bob.
Apparently, TIA is not even telling people WHAT exactly they will have to pay until AFTER they apply (before October 5th), which, as a matter of contract law and 'offer and acceptance,' is not-- in our opinion-- reasonable and customary. The "offer" letter says the premium "will not exceed" and "will be capped at" and "will vary up to". As we read it, it's a matter of just 'shut up and apply and you better hurry up and do it before October 5th or it will cost you yet another “up to” two grand IF you qualify.'
We believe this is an attempt to give an appearance that brokers will not be adversely affected by the new law to rebut what we at AIPBA have been saying. They are trying to save face. And after October 5th, they get to say, well, you WOULD have been automatically accepted but unfortunately, you missed the deadline.
In the meantime, the mega brokers are moving full speed ahead trying to recruit the independents. We advise you not to panic, be unduly pressured, or jump at any bond or agent offers just yet as we are working to get the law repealed.
DISCLAIMER: This is NOT an endorsement of the TIA’s bond. It is my opinion/understanding of TIA's bond terms after reviewing their letter; however, for complete details/explanation/propaganda contact Bob Voltmann or G. Roch of TIA Services.
JAMES LAMB , president
aipba.org
JOIN AIPBA AND HELP REPEAL THE $75K BOND:
http://www.1shoppingcart.com/SecureCart/SecureCart.aspx?mid=9D64D0CD-9F5F-4CC7-A66B-8CA890450101&pid=d4178481dd91412ea4f21ec51e86e5a1
Posted By Lou Gistics
LinkedIn Groups
- Group: Linkin Transportation Professionals
- Subject: The TIA Bond Offer and the Effort to Repeal the $75K Bond
While they're representing "guaranteed acceptance" for their members (through the first year until all the smoke clears?), after that it appears they recognize many will be dropped at renewal time when the underwriter will "evaluate the model of the program," which is probably why they're collecting this $2,000 fee UPFONT and are crediting people back that amount in the form of some strange rebate "in each of the first four years you are in the program" in $500 annual installments. I believe they know very well, most small brokers won't still be able to qualify AFTER the first year without full cash, once the underwriter reviews their financials.
Anyone who applies after October 5, 2012 (the first year premium is $3,600 if you buy now before October 5th btw) will NOT be automatically qualified, will pay the full "up to" $5,600 annual premium, and will have to go through underwriting, including all new entrants moving forward. At best, all this does is stall and delay the inevitable: the loss of tens of thousands of broker and agent jobs.
This is nothing more than a 'probationary-I-told-you-so' bond. As we read it, all TIA members are essentially on 'probation' for one year if they buy before October 5th... Then, when it comes to permanent approval that's when the axe will fall on most small brokers, in which case TIA gets to keep $1500 of your $2000 they are collecting upfront because you have to be in the program for all four years to get all your money back.
Voltmann always says brokers are banks. Well, this is nothing more than TIA acting like a mortgage bank, collecting $1,500 and then not having to pay it out when the account is closed (kinda like defaulting on a mortgage and going into foreclosure) . If you're deemed “underfunded” by the underwriter at renewal time, it appears they will keep your $1500 just like the bank takes your house. Excellent scheme, Bob.
Apparently, TIA is not even telling people WHAT exactly they will have to pay until AFTER they apply (before October 5th), which, as a matter of contract law and 'offer and acceptance,' is not-- in our opinion-- reasonable and customary. The "offer" letter says the premium "will not exceed" and "will be capped at" and "will vary up to". As we read it, it's a matter of just 'shut up and apply and you better hurry up and do it before October 5th or it will cost you yet another “up to” two grand IF you qualify.'
We believe this is an attempt to give an appearance that brokers will not be adversely affected by the new law to rebut what we at AIPBA have been saying. They are trying to save face. And after October 5th, they get to say, well, you WOULD have been automatically accepted but unfortunately, you missed the deadline.
In the meantime, the mega brokers are moving full speed ahead trying to recruit the independents. We advise you not to panic, be unduly pressured, or jump at any bond or agent offers just yet as we are working to get the law repealed.
DISCLAIMER: This is NOT an endorsement of the TIA’s bond. It is my opinion/understanding of TIA's bond terms after reviewing their letter; however, for complete details/explanation/propaganda contact Bob Voltmann or G. Roch of TIA Services.
JAMES LAMB , president
aipba.org
JOIN AIPBA AND HELP REPEAL THE $75K BOND:
http://www.1shoppingcart.com/SecureCart/SecureCart.aspx?mid=9D64D0CD-9F5F-4CC7-A66B-8CA890450101&pid=d4178481dd91412ea4f21ec51e86e5a1
Posted By Lou Gistics
