You probably have heard plenty about the new $75K broker bond requirement recently, but if you think it only affects brokers, keep reading:
If you occasionally sub-contract freight, even if it’s just for buddies, the new requirement applies to carriers, too. Unless you move the freight on your own equipment and under your own authority and insurance for at least part of the trip, the FMCSA considers your activity to be brokerage.
If that’s the case for you, to continue operating legally the FMCSA will require that you have brokerage authority, which means you need a bond. The new rule goes into effect on October 1, 2013.
What’s it mean for Getloaded customers? Our policy has always been, and remains, that if you want to post loads on Getloaded, you need to have broker authority, which now requires a $75K bond.
Here is the timeline for the phase-in of the new requirement, according to the FMCSA:
- October 1, 2013: Phase-in period begins to complete all necessary filings.
- November 1, 2013: FMCSA mails notifications to all brokers and freight forwarders that don’t have $75K financial security requirement.
- The FMCSA will provide 30 days advance notice before revoking operating authority registrations
Keep Rollin’ With Our Customer-Exclusive Bond Program
To help keep you rolling, Getloaded has partnered with Integro Insurance Brokers to offer an affordable, collateral-free $75,000 surety bond, just for Getloaded customers. The surety bond received an “A” Excellent rating from insurance rating agency A.M. Best. Apply today at getloaded.com/bond.