TTS, a third-party transportation and logistics provider, announced the increase of its surety bond coverage from $10,000 to $100,000 to increase consumer protection for all TTS agents and keep the company in compliance should the Fighting Fraud in Transportation Act of 2011 be passed, as it will require all brokers and freight forwarders to carry the $100,000 surety bond.
Along with the bond increase, this bill will require stricter regulation of broker surety companies as well as significant penalties, including unlimited liability for freight charges for those operating without the required authority. TTS fully supports this act for a variety of reasons.
“Now, our agents are better suited to compete in the marketplace with a $100,000 surety bond, proving dependability and accountability,” says Andy Cole, president and chief executive officer of the Frisco, Texas-based company. “We are leading the way to a more stable market that will allow carriers to be paid with greater certainty and foster an environment of trust.”