BROKER ALERT -RE: PRIVATE FLEET SALES aka PFS LOGISTICS INC. OUT OF BUSINESS

So 3-4 months ago and you never went to the bond?

 

When a broker goes out of business the surety bond does not disappear with it. Under FMCSA Part 387 every licensed broker is required to carry a $75K bond, and that bond can be claimed even after the company has closed. If you have the load confirmation and proof of delivery, you can file directly against the bond through the surety company listed on their FMCSA profile at safer.fmcsa.dot.gov. Worth doing before you go the legal action route because it is often faster and the documentation you already have is enough to get the process started.

 

Start at safer.fmcsa.dot.gov, search by the broker's MC number, and look for the BOC-3 or insurance section to find the surety company and their contact info. Reach out to the surety directly and request their bond claim form. Send them the rate con, signed BOL, POD, and your invoice along with documentation that you tried to collect. One thing to know is that other carriers can file against the same 75K bond, so the sooner you submit the better. If multiple claims exceed the bond the surety usually pays out pro rata, but acting fast still matters.