Bond & Insurance Requirements for Domestic Property Brokers
The attached bill was signed into law on July 6 2012 and contains changes to how the Federal Motor Carrier Safety Administration (FMCSA) regulates domestic property brokers.
Notable changes include:
- The standard 10,000 limit property broker bond will increase to a minimum of 75,000.
- The domestic forwarder will be required to carry cargo insurance, bodily injury, and property damage coverage for handled moves.
We will keep you informed of new developments once the FMCSA makes a final determination on the new bond limit.
These changes, once finalized, will not take effect until 2013.