As a Freight Broker or Property Broker your success depends on your ability to find and connect authorized carriers to shippers for the successful transportation of goods. GSIS wants to assist you by providing you with all the necessary Insurance, Surety and Risk Management consulting services you need.
The Federal Motor Carrier Safety Administration (FMCSA), a division of the United States Department of Transportation, requires that a Freight Broker must have a surety bond (or trust fund) in effect for $10,000. 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.
Effective October 1, 2013, this bond will increase from $10,000 to $75,000 due to MAP-21 legislation, which passed in 2012. With that being said, it will be more challenging than ever for a Freight Broker to secure a bond. GSIS is prepared to offer our Freight Broker and Freight Forwarder clients the most competitive bond available.
The Broker Shield program offers all of the necessary lines of insurance with risk management services, required for companies that hold Domestic Freight Brokerage authority. Our preferred pricing program provides the broadest range of coverage at the most competitive pricing available in the market place. Our brand promise is to be the most experienced and knowledgeable market representing the Domestic Freight Broker industry.
Freight Broker Auto Liability, Contingent Cargo Legal Liability, Broad Form Contingent Cargo, Freight Broker Excess Auto, All Risk Domestic Shipper’s Interest, Freight Insurance ASAP (Excess Coverage), Errors and Omissions, General Liability, Business Owners (BOP) and Workers’ Compensation insurance.
This coverage, commonly referred to as Contingent Auto Liability, responds to defense and damage payments associated with a Freight Broker being named a party to a law suit including a third party motor carrier’s fatality or injury accident. This represents the greatest financial risk to Freight Brokerage operations. Judgments have been as high as 24 million against a Freight Brokerage operation. 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”.
We have a network of skilled knowledgably attorney’s throughout the country who specialize in the defense of Freight Brokerage operations. You will have the most skilled law firms defending your operation, should you be drawn into a law suit.
Designed to respond to the “legal” liability incurred under law by a domestic Freight Broker. A critical factor with this coverage 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 1st dollar. We also work with some of the most experienced attorneys in the country who specialize in representing Domestic Freight Brokerage operations.
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.
This coverage is required when a Freight Broker agrees to assume responsibility for cargo loss or damage that a motor carrier fails to pay. Whenever a Freight Broker signs a contract with a client, it should be reviewed to determine if it is expanding the Freight Broker’s liability assumed under their D.O.T. Domestic Freight Broker authority. Often these contracts 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 i.e. 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.
This coverage sits on top of our primary Freight Broker Auto Liability policy; we can offer additional limits up to $25,000,000. This is likely the highest limits available in the current insurance market for Domestic Freight Broker’s Auto Liability coverage.
This policy responds to the legal liability for financial loss (not limited to the value of the cargo) incurred by a Freight Brokers client arising from the Freight Broker’s negligence, error or omission in the normal course of providing Domestic Freight Broker services.
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. GSIS offers an “All Risk” cargo insurance policy to protect the shippers’ goods, when situations arise where the motor carries policy does not respond.
A cargo insurance policy from GSIS will give you financial peace of mind. We cover losses that involve 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 ASAP is a form of trip-risk, spot insurance or transit cargo coverage and is 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. GSIS offers some of the most competitive premiums written through an AM Best, A+ admitted Insurance Carrier.
A general liability policy, with covered Territories of United States and Canada, is intended to respond to the financial risk a Freight Broker can assume as a result of the transportation services they 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 owner’s policy (BOP) combines many essential property and casualty insurance coverage’s under one policy to protect your company from loss. GSIS will determine the risk your company faces and ensure that the proper coverage is in place to secure your future.