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Broner none pay how do I go after their bond and get paid

Oct 25, 2019 at 02:58 PM CST
- 1
Need help with broker none payment any suggestions
Replied on Fri, Oct 25, 2019 at 03:03 PM CST

LOOK UP THE NAME OF THE BROKER ON SAFER SYSTEM. IT SHOULD GIVE YOU WHO HOLDS THEIR BOND. CALL THAT COMPANY AS FOR A CLAIM FORM AND FOLLOW THEIR PROCEDURES TO FILE THE CLAIM.

Replied on Fri, Oct 25, 2019 at 03:06 PM CST

ONE WORD OF WARNING THOUGH. IF IT IS AN AG RELATED PRODUCT, SOY MEAL, GRAIN ETC, IT WILL BE REJECTED ALMOST IMMEDIATELY

Replied on Fri, Oct 25, 2019 at 03:49 PM CST
Originally Posted by: DUANE GEISELMAN
Quote: "ONE WORD OF WARNING THOUGH. IF IT IS AN AG RELATED PRODUCT, SOY MEAL, GRAIN ETC, IT WILL BE REJECTED ALMOST IMMEDIATELY "

It was river gravel for a landscape business

Replied on Sat, Oct 26, 2019 at 09:19 AM CST
Originally Posted by: DUANE GEISELMAN
Quote: "ONE WORD OF WARNING THOUGH. IF IT IS AN AG RELATED PRODUCT, SOY MEAL, GRAIN ETC, IT WILL BE REJECTED ALMOST IMMEDIATELY "

I've never heard this one before. Can you elaborate please? All I've ever heard was that intrastate frieght required a different bond than the statndard interstate one they all use.

Replied on Sat, Oct 26, 2019 at 09:19 AM CST
What if you factor it..you'll lose 5% but won't the factoring company have to deal with collecting from the broker then?
Replied on Sat, Oct 26, 2019 at 11:17 AM CST

WE RAN INTO A SITUATION A WHILE BACK WHERE A BROKER WENT BELLY UP AND OWED ME A COUPLE THOUSAND DOLLARS. I HAD A COPY OF THEIR BOND AND I FILED A CLAIM AGAINST IT. I WAS TOLD BY THE BONDING COMPANY THAT A BROKER BOND WILL NOT COVER ANYTHING RELATED TO AGRICULTURE, SOYMEAL, MIDDS, GRAIN, ETC. I WAS A BIT STUNNED BY THIS SO I CALLED MY BONDING COMPANY AND ASKED THEM ABOUT THIS ISSUE. THEY REPLIED THAT IT IS TRUE. A BROKER BOND COVERS NON PAYMENT OF FREIGHT, BUT AG RELATED PRODUCTS ARE NOT CONSIDERED FREIGHT. STUPID BUT FROM ALL THE PEOPLE I HAVE ASKED, I AM FINDING THIS TO BE TRUE. I AM A BROKER AS WELL SO IT CONCERNED ME THAT WHAT I AM DOING IS LEAVING ME WIDE OPEN TO PROBLEMS. I CARRY THE $75000 BROKER BOND AS REQUIRED BUT I AM OF THE BELIEF THAT IT ISN'T WORTH THE PAPER IT IS PRINTED ON. EVERYONE CAN SCREAM AND YELL THAT IS ANOTHER REASON NOT TO USE A BROKER, AND IT PROBABLY IS. KNOW WHO YOU ARE WORKING WITH AND YOU SHOULDN'T HAVE ANY PROBLEM. A SHIPPER CAN GO BROKE THE SAME AS A BROKER AND WHO DO YOU GO TO FOR RECOURSE WHEN A SHIPPER GOES BROKE.

Replied on Sat, Oct 26, 2019 at 11:17 AM CST

IF YOU GO BACK ON THE PODCASTS THAT BULK LOADS HAS, THEY DID AN INTERVIEW WITH A BONDING AND INSURANCE AGENT. MY PERSONAL OPINION WAS THAT HE DIDN'T GO FAR ENOUGH IN HIS EXPLANATION OF WHAT A BOND DOES AND DOES NOT COVER. LISTEN TO THAT PODCAST AND DECIDE FOR YOURSELF.

Replied on Fri, Nov 01, 2019 at 07:11 AM CST

I have had the same problem a couple times. Sometimes Ag isnt covered, but you have to try. Ask your Insurance agent to help research who carries their bond. They have more tools than we do. It is time sensitive so you need to get on it.

Replied on Fri, Nov 01, 2019 at 12:51 PM CST
Originally Posted by: DAVID KROUSE
Quote: "I've never heard this one before. Can you elaborate please? All I've ever heard was that intrastate frieght required a different bond than the statndard interstate one they all use. "

american bond does not cover ag products hauled, it's a joke

Replied on Fri, Nov 01, 2019 at 01:21 PM CST
+ 1
Originally Posted by: RUSSELL BURRELL
Quote: "What if you factor it..you'll lose 5% but won't the factoring company have to deal with collecting from the broker then?"

Factoring companies will return the invoice back to the Carrier if they cannot collect in 90 days. Even the ones that claim to be, "non-recourse" will still send it back to you for numerous reasons. There's no such thing as a free lunch in this industry. I suggest to anyone considering factoring to READ the contract in it's entirety THOROUGHLY.