The Transportation Intermediaries Association announced Tuesday, Nov. 13, that it has rolled out a program to benefit the brokerage-based third-party logistics industry, the Guaranteed Payment Program. Eight TIA member companies already are confirmed participants.
The GPP works by providing qualified members of TIA with coverage beyond the standard requirement of $10,000 as set by the U.S. Department of Transportation. Through the GPP, TIA members can obtain a coverage guarantee up to $100,000.
“The GPP is an industry breakthrough that proves that TIA members are the best 3PLs in the market – we guarantee it,” says Robert Voltmann, TIA president and chief executive officer.
The GPP program provides three levels of guarantee: $100,000, $25,000 and the standard $10,000. Avalon Risk Management and Lincoln General Insurance Co., who have joined forces with TIA to offer the GPP, work as surety partners and will make the final determination as to which level a company qualifies.
GPP will build on TIA’s P3 company certification initiative. Through P3, TIA members commit themselves to best practices in addition to the TIA Code of Ethics and undergo a higher level of scrutiny. GPP will build on this program by guaranteeing freight payments. The GPP identifying logo will be a variation of the P3 logo with “P3 100” representing the $100,000 guarantee, “P3 25” representing the $25,000 guarantee, and “P3 10” representing the $10,000 payment guarantee from a company’s current surety source. The logos will appear next to participant loads on the major freight boards so that those companies can be identified easily as GPP participants.
The first eight TIA member companies who have confirmed their participation in the GPP at the $100,000 level are:
TIA, the professional organization of the $114 billion third-party logistics industry, represents transportation intermediaries of all disciplines doing business in domestic and international commerce. TIA – the voice of transportation intermediaries to shippers, carriers, government officials and international organizations – is the U.S. member of the International Federation of Freight Forwarder Associations.