Alexandria, VA May 2 , 2013 The Transportation Intermediaries Association (TIA), the voice of the 3PL industry, is pleased to announce that it will be refunding deposits to members that currently hold bonds through the TIA Services bond program.
The TIA Services Board of Directors voted to eliminate the $8,000 collateral deposit requirement from the TIA Bond program based on the success of the program. As a result, hundreds of $8,000 refunds will be issued to members that currently hold the $75,000, $100,000, and $250,000 bonds.
TIA Services now offers two options for the $75,000 bond: One with no collateral deposit and an annual premium between $1,500 and $5,600 a year, and a fully-collateralized $75,000 option with no annual fees.
“The TIA Bond program has been successful, and by dropping the $8,000 deposit requirement we are making our bond even more accessible for brokers of all sizes,” said Geoff Turner, President of Choptank Transport, Inc. and Chair of the TIA Board of Directors. “This is one more way TIA is delivering real products, for real companies, with real results,” Turner added.
“We told members and the industry when we launched the TIA Bond program last year that we would continue to analyze the product and pricing structure,” said Mike Riccio, Vice President of Leonard’s Express and Chair of the TIA Services Board of Directors. “The TIA Bond program has reached the point where we can significantly lower the cost of meeting the $75,000 requirement and return more than $2 million back to members,” Riccio added.
The TIA Bond program is a bond for brokers, by brokers, and is backed by the Transportation Intermediaries Association, the voice of the 3PL industry. TIA Services is committed to providing a secure bond with a responsible, long-term vision in mind.
The Transportation Intermediaries Association (TIA) is the professional organization of the $162 billion third party logistics industry. TIA is the only organization exclusively representing transportation intermediaries of all disciplines, doing business in domestic and international commerce. TIA is the voice of transportation intermediaries to shippers, carriers, government officials and international organizations. TIA is the United States member of the International Federation of Freight Forwarder Associations, FIATA.