Broker’s or Freight Forwarder’s Surety Bonds (also known as ICC Bonds) are surety bonds that are required by the Federal Motor Carrier Safety Commission (FMCSA) in the transportation industry. The bond is in place to protect motor carriers and shipping companies from nonpayment of freight charges by the Broker (i.e. the Bond Principal) that arranged for the interstate shipment of goods. CSF serves as a Third-Party claim administrator for the surety on claims arising under its ICC Bonds.
- Determining bond coverage
- Conducting prompt and detailed claim investigation
- A timely recommendation of adequate reserves
- Recommending surety payment or draft claim denial letters, as appropriate
- Accessing and remotely operating surety claim systems; ensure claim documents get incorporated into the surety claim system and update claim handler status notes
- Initiating the indemnification process when necessary, including the issuance of collateral demand letters