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What are the definitions of common, contract, and broker Authority?

April 26, 2017authority broker common contract

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What are the definitions of common, contract, and broker Authority?

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A common carrier provides for-hire truck transportation to the general public. Common carriers must file both liability (BI & PD) insurance and cargo insurance. A contract carrier provides for-hire truck transportation to specific, individual shippers, based on contracts. Contract carriers must file only liability (BI & PD) insurance. A broker is a company that, for compensation, arranges for the truck transportation of cargo belonging to others, utilizing for-hire carriers to provide the actual truck transportation. Brokers must file either a surety bond or trust fund agreement. For more information regarding common, contract, and broker authority, please contact Logistec. – back to f.a.q.

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Posted

Common carriers provide for-hire truck transportation to the general public. Common carriers must file both liability (BI & PD) insurance and cargo insurance. Contract carriers provide for-hire truck transportation to specific, individual shippers, based on contracts. Contract carriers must file only liability (BI & PD) insurance. Brokers arrange for the truck transportation of cargo belonging to others, for compensation, utilizing for-hire carriers to provide the actual truck transportation. Brokers must file either a surety bond or trust fund agreement.