WASHINGTON, DEC – A new payment guarantee bond program for 3PLs has been introduced by the Transportation Intermediaries Association (TIA), a professional and educational organization for the $114 billion third party logistics industry.
TIA, in conjunction with its affiliates TIA Services, Avalon Risk Management and Lincoln General Insurance Company are offering coverage of up to $100,000 to the best 3PLs in the transportation industry.
The unique program is designed to meet many of the emerging concerns of 3PLs by significantly lessening the risks of unpaid freight charges to the carriers and other 3PLs they use, TIA claims It is being offered exclusively by TIA to its select P3 members.
The program will cover carriers, shippers or other 3PLs doing business with participants.
The TIA Guaranteed Payment Program utilizes the existing P3 indicator on the major freight matching services.
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