Your success as a Freight Broker depends on your ability to find and connect authorized carriers to shippers for the most efficient and effective transportation of goods. We get that.
LOGISTIQ wants you to be able to “Deliver the Goods. With Confidence.” We will provide you with the kind of comprehensive yet clear support that you need. We’ll deliver the right Freight Broker Insurance, surety and risk management services for you and your business, including our all-in-one total solution, Broker Shield.
Broker Shield is the total solution for companies holding domestic freight brokerage authority and offers you all of the necessary lines of insurance plus risk management services and problem-solving intelligence.
Broker Shield includes:
FMCSA Property Broker Bond
The Federal Motor Carrier Safety Administration (FMCSA), a division of the United States Department of Transportation, requires that Freight Brokers have a surety bond (or trust fund) in effect for $75,000. The broker license shall remain valid or effective only as long as a surety bond or trust fund remains in effect and shall ensure the financial responsibility of the Freight Broker. LOGISTIQ is well-positioned to offer our Freight Broker and Freight Forwarder clients the most competitive bond available.
Freight Broker’s Auto Liability Coverage
Commonly referred to as Contingent Auto Liability, this coverage allows you to respond to defense and damage payments associated with being named party to a law suit including a third party motor carrier’s fatality or injury accident. With judgments as high as $24 million, this represents the greatest financial risk to Freight Brokerage companies like yours. Our Freight Broker Auto Liability Policy with a Duty to Defend will provide defense, pay defense costs and any attributable damages, or settlement up to policy limits. Our primary policy covers up to $1 million “per occurrence” versus other forms in the market which may have an “annual aggregate limit”.
LOGISTIQ provides you access to our comprehensive network of experienced attorneys across the United States specializing in the defense of Freight Brokerage operations. Should you be drawn into a lawsuit, you will have the most skilled and well-informed law firms defending your operation.
Freight Broker Contingent Cargo Legal Defense Coverage
This coverage is designed to respond to the “legal” liability incurred under law by a domestic Freight Broker, a critical factor of which is the defense provision. The Broker Shield form has a strict “duty to defend” provision and the policy deductible does not apply to defense cost. As a result, all attorney fees are paid from first dollar.
Freight Liability extension covers other financial perils that are present beyond liability to the cargo. These include a Freight Broker’s liability for pollution cleanup expense or fines, libel and slander, fraud by an employee, infringement of intellectual property rights and fines arising from a breach of law or regulation relating to the movement of freight.
Broad Form Contingent Cargo Insurance
This insurance is required when a Freight Broker agrees to assume responsibility for cargo loss or damage that a motor carrier fails to pay. Whenever you sign a contract with a client, it should be reviewed to determine if it is expanding the Freight Broker’s liability assumed under your D.O.T. Domestic Freight Broker authority. These contracts often contain indemnity clauses which require the Freight Broker to assume responsibility for a cargo claim should the trucker fail to pay for loss or damage associated with the freight. This coverage is available for FTL (Full Truck Load) shipments for most commodities shipped. However, certain high risk cargo exposures – such as liquor, tobacco, high valued electronics, cell phones, copper and other non-ferrous metals — require Broad Form cargo coverage with a strategic risk management program to reduce theft.
Freight Broker’s Excess Auto Liability Coverage
This coverage sits on top of our primary Freight Broker Auto Liability policy. LOGSITIQ offers additional limits up to $25,000,000 (which is likely the highest limits available in the current insurance market for Domestic Freight Broker’s Auto Liability coverage).
Errors & Omissions Insurance
E & O insurance responds to the legal liability for financial loss (not limited to the value of the cargo) incurred by a Freight Brokers client arising from negligence, error or omission in the normal course of providing domestic Freight Broker services.
Domestic Shipper’s Interest Cargo Insurance
While it is the FTL (Full Truck Load) Motor Carrier who bears responsibility for loss of and/or damage to the Shippers goods, many carriers (LTL motor carriers, airlines, rail) limit their liability for freight in their care, custody and control. LOGISTIQ offers an “All Risk” cargo insurance policy designed to protect the shippers’ goods when situations arise where the motor carriers’ policy does not.
A cargo insurance policy from LOGISTIQ gives you financial peace of mind. Covering losses from theft, breakage, water damage, non-delivery and pilferage, our policies are affordable and based on the type of goods shipped, the shipping destination and value of the merchandise.
Freight Insurance Fast (Instant Excess Cargo)
Freight Insurance Fast is available online and it’s fast! It’s a form of trip-risk, spot insurance or transit cargo coverage that can be used when the motor carrier’s cargo insurance does not have sufficient limits to cover a load for transport or when primary trip risk cargo coverage is desired.
A general liability policy is intended to respond to the financial risk a Freight Broker can assume as a result of the transportation services you offer. Third party liability can be assumed for fatalities or bodily injury or liability to third party property. This policy is designed to cover the cost of legal defense and any judgments levied against a Freight Broker.
Business Owners Insurance (BOP)
This combines many essential property and casualty insurance coverage’s under one policy to protect your company from loss. Our team at LOGISTIQ will determine the risk your company faces and ensure that the proper BOP coverage is in place to secure your future.