Transportation Intermediaries Assn. (TIA) is introducing a new payment guarantee bond program for third-party logistics companies. TIA is the Alexandria, VA-based professional and educational organization that represents the $114-billion 3PL industry.
Robert Voltmann, president & CEO, said the program will be offered in conjunction with affiliates TIA Services, Avalon Risk Management and Lincoln General Insurance Company. The best 3PLs in the industry will be eligible for coverage of up to $100,000.
“It 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,” Voltmann noted. “TIA is offering this exclusively to our select P3 members and covers carriers, shippers or other 3PLs doing business with participants without cost or hassle.”
He noted such a guarantee program should give 3PLs the ability to build confidence within existing customer relationships, as well as help them attract new customers and new capacity.
For more information, visit www.tianet.org.
