BMC-84

Understanding Freight Broker Surety Bonds In the complex landscape of the logistics industry, freight broker surety bonds stand as a cornerstone of trust and compliance. A freight broker surety bond, often simply referred to as a freight broker bond, is a critical requirement for anyone looking to operate legally as a freight broker. This bond serves as a guarantee that the broker will adhere to the regulations and agreements involved in shipping goods, including paying carriers and shippers on time. The Federal Motor Carrier Safety Administration (FMCSA) mandates a $75,000 surety bond under forms BMC-84 or BMC-85, ensuring that freight brokers maintain high ethical and professional standards. Why do freight brokers need surety bonds? Beyond legal compliance, these bonds protect the parties involved in freight transactions against fraud, failure to pay, and other unethical behaviors, thus fostering a more reliable and secure logistics environment. By understanding the role and benefits […]

Understanding and preventing cargo theft is essential for maintaining the integrity and efficiency of the supply chain. Cargo theft involves the stealing of goods during transit, leading to significant financial losses and operational disruptions. Recent trends show a surge in such thefts, driven by sophisticated criminal tactics and increased demand for goods. Implementing robust security measures, such as verifying carrier credentials and utilizing advanced tracking technologies, is crucial in combating these threats. By partnering with experts like PFA Protects, businesses can gain access to comprehensive solutions that safeguard their shipments and ensure smooth logistical operations. What is Cargo Theft? Cargo theft refers to the criminal act of stealing goods or merchandise while they are being transported. This theft can occur at various stages, including at pick up, during transit, at rest stops, or even from storage and warehouse facilities. Common methods include shipment misdirection, where thieves redirect goods to unauthorized […]

It’s a common refrain at PFA, as it is among many leading businesses both within and outside the transportation sector: The end of one year and the start of the next is always a good time to take stock of where you’re at in business. It’s particularly important coming out of the wild year that we’ve just been through and in preparing for economic uncertainty that lies ahead. The old axiom that failing to plan is planning to fail is embraced by so many simply because they see what happens when organizations don’t spend enough time planning for the mid and long terms. Planning has only become more important in recent years because so many industries are changing rapidly and not enough of the companies within those sectors are keeping their eyes on the early adopters and change agents. Given what’s going on in the U.S. and around the world, […]

Many businesses are struggling to maintain regular business operations as their normal cash flow has been significantly impacted by current conditions. Not only is it important to keep yourself and your loved ones healthy, but your business as well. We have some suggestions to help you bridge this challenging set of circumstances. Perhaps factoring could be a solution to consider or even a small business loan to help navigate these uncharted waters. Small Business Loans The United States federal government is stepping in to help small business owners with small business loans. Your business could qualify, especially given the importance of maintaining the supply chain for our economy. For information on the most updated small business loan information. This current crisis is affecting many businesses in most sectors. Very few are being spared in the way of adversity caused by shutdowns and slowdowns. Even the biggest of transportation companies can […]

Tommy Ruke – aka The King Pin — of the Motor Carrier Insurance Education Foundation knows his stuff and loves the opportunity to share information with trucking companies that want to make a difference, for their customers in particular and for the transportation industry in general. Here’s the lowdown on the ATRI Report on Operational Costs for Truckers from one of the consummate leading experts in truck insurance. https://truckingresearch.org/   The ATRI analysis of the operational costs of trucking is a 2019 update that reflects 2018 operating costs. To download the full report at no cost, go to truckingresearch.org. Each year, ATRI reports on a survey they conduct.  You need to understand who responds and how their information is used.  First, ATRI is an affiliate of the American Trucking Association, so their research is for large interstate fleets (private and for-hire). Sector Respondents Truckload (TL) 37% Less-than-Truckload (LTL) 42% Specialized/Other […]