Brokers and Freight Forwarders
A Trust bond is kind of like a savings account. The risk pays an upfront fee of approximately $1,100 to 1,200, then pays $250 per month for 40 months until there is $10,000 in an account. The customer would not have to pay anything after this. Once the business closes, the customer gets the $10,000 back.
Most Freight Brokers also choose to purchase Contingent Cargo Insurance.
Freight Forwarders are issued a 4 digit Freight Forwarder (FF) number by the FMCSA and are required to have Contingent Cargo insurance.
We are able to assist you in fulfilling all of these requirements, as well as complete any required filings. We offer the required $10,000 bond and the optional Contingent Cargo insurance for Freight Brokers, and the required Contingent Cargo insurance for Freight Forwarders. In most cases we are able to offer Contingent Cargo Insurance for less than $100 per month. Rates for Contingent Cargo Insurance coverage are primarily based on your yearly revenue. For new businesses, rates are based on your projected revenue.