The Diamond Broker Bond designation instantly delivers valuable assurances to carriers regarding credit, performance history and the quality of the bond.
Logo's, certificates and marketing materials made available
For carriers who subscribe to ITS's credit reporting service the grade and Days-to-Pay number score are important factors in the broker selection process. Thousands of carriers pay for this information and use it on a daily basis. ITSFS will monitor your credit score with Truckstop.com and report any change in the experience factor rating or any change in the Days-to-Pay number. ITSFS can offer experienced advice and assistance in protecting and possibly improving your Company's credit score.
Ansonia is a recognized international credit reporting service utilized by many transportation professionals and shippers. The Diamond Broker Bond Membership status and logo appear as part of the Ansonia credit report.
When acting as a property broker, the contract of carriage (bill of lading) is issued directly from the underlying asset-based carrier to the cargo owner. As such, the asset-based carrier is first in line for cargo loss and damage claims. Unfortunately, it is not uncommon for the carrier’s motor truck cargo policy to fail to pay the claim for various reasons. In this event, the cargo owner will often sue the property broker in an effort to collect on their claim. The property broker can benefit from having a Contingent Cargo policy in place which will defend against the claim and pay settlements per the terms of the policy if ultimately ruled against your company.
As transportation professionals, you are liable for improper performance of, or the failure to perform your professional services, including your activities as a property broker, domestic freight forwarder, international freight forwarder, NVOCC, warehouseman, air freight forwarder or other. If a customer files a claim against your company alleging damages, this policy will pay for the legal defense (independent of the deductible) as well as any settlement awarded as per the policy terms. Some of the most common types of claims include: failure to follow client instructions, delay caused by negligence of an employee, negligent selection of subcontractors, improper quotation of charges, incorrect document preparation, unauthorized release of goods, misdirection, failure to properly clear goods upon entry, incorrect classification of goods and failure to insure cargo when instructed to do so.
Contingent Auto Liability Insurance protects you in the event a motor carrier that you've arranged has Auto Liability Insurance insufficient to cover an auto accident involving bodily injury or property damage. This may occur because of inadequate limits of insurance, the policy has been voided, cancelled or suspended, the policy was bogus or illegal, or the insurer of the policy is insolvent. Legal precedent has been set holding the domestic forwarder/property broker liable in such cases.
As logistics experts, your clients rely on you to advise and guide them through the transportation process. Many cargo owners do not understand the risks inherent in transportation, so it is your responsibility to educate them and provide them with the products necessary to manage those risks. Roanoke Trade can provide you with a high quality, competitively priced and easily managed open cargo policy that allows you to provide your clients with the insurance they require. It is customary for the intermediary to realize a margin on this product to compensate them for the convenience, expertise and administration associated with providing services.