New bond amount for freight forwarders to take effect Oct. 1

08/7/2013 | DC Velocity online

The surety-bond requirement for truck-freight broker licenses is set to rise from $10,000 to $75,000 starting Oct. 1. Smaller brokers have opposed the change, but a survey by consultancy DAT found that two-thirds of respondents had obtained the newly required bond as of July and that most of those who hadn't increased their bonding were planning to do so. NASBP will provide a Virtual Seminar from 2 to 3 p.m. Eastern time on Aug. 27 with details about the increase in the property broker's bond and how this statutory change and others affect the underwriting environment.

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