ICC BROKER BONDS (BMC-84)

ICC BROKER BONDS (BMC-84)

ICC Broker Bonds (BMC-84)

For many of you October 1st represents your $75,000 Broker Bond renewal date.  If you feel you are paying too much or you have been thinking about getting your broker’s authority, then NASTC Insurance Services, LLC can help with rates as low as $925/annually.

NASTC Insurance Services Broker Insurance Options

A growing concern for many truck brokerage operations is risk exposers created from deficiencies or gaps in insurance coverage. A freight broker is not legally required to have liability insurance, but the cost of not having it could be disastrous to your brokerage and in some instances your trucking company can be tied into litigation against the brokerage. 95% of all motor carriers have $1,000,000 in liability coverage, where the average judgement in a fatality is $2,600,000. The damaged party would then be looking to the Broker and Shipper to pick up the rest of the judgement. Liability and cargo coverages will ensure that you are protected from litigation, and it also protects your relationships with your shippers.

NASTC Insurance Services, LLC offers the following insurance options for your brokerage:

Truck Broker Liability covers the legal liability of the broker for bodily injury, property damage, and pollution for negligence in the supply chain.

General Liability covers the premises and can include miscellaneous operation.

Contingent Cargo covers the property or cargo loss that results from the failure of the trucker’s policy to provide coverage.

Professional Liability policy covers errors and omissions that are committed during a truck broker’s business day such as misdelivery, miscommunication, discrimination, negligent hiring, and negligent acts or omissions.

Excess Liability adds an additional layer of protection on your Broker Liability and General Liability policies. These higher limits should be considered when a shipper’s contract requests it or based on your financial size and how many shippers your brokerage has listed as additional insured.

One-Time Excess Cargo coverage is available to both brokers and carriers who need a quick excess cargo policy for one specific load. These are same day quotes with very little information needed.

If you would like to go over your current operation, please give us a call at 844-264-8500.

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