75k surety bond

Good credit and assets.

 

Did you try Pacific Financial? They are the last resort for bad brokers and others.

 

They want something worth 75K. Then it's cheap. Personal credit/assets are fine.

 

Yes. Whatever was pledged. If it was issued on credit only it becomes a debt.

 

No experience with them but if your having trouble getting a bond they will help you.

 

I had them when we had our own brokerage. When OOIDA spearheaded the move to raise the bond to $75K, we tried to tell them it would put most of us small (but honest) brokers out of business. Todd Spencer and others argued that it would not be cost-prohibitive and it would run out the bad brokers. Well, neither was true, as I had contended.

The problem I had with them stemmed from a bad broker that shafted us on 3 loads I did for him in Dec. of 2013 as a carrier. I was the first to file on his bond, but when all was said and done, i got a letter from PF stating that all carrier's claims with the previous older loads that were hauled before mine were paid out first and there was nothing left in the bond money for me. No way to verify who, or if, they paid those carriers. For that reason, I would not use them if we were to reopen our brokerage. We only used it for certain customers anyway, but we paid very good rates and paid usually within 7-14 days. So many mom & pop brokers were shafted on that deal and the only benefactors are the big boys. Less competition and more control on the rates. OOIDA did nothing to help the small guys and family operations. I know I'm off track here, but had to vent a little, as it was a major hurt put on so many of us. I kept arguing that brokerages should only have to have a bond for the amount of business they do in a 30 day period. For most of us that would be about $10,000. For big carriers like Landstar, CHR, TQL, BNSF, Schneider, etc., that $75K is well under their monthly (or even weekly) amount of loads tendered.