The only way to protect operating authority and avoid fines is to have financial security in place effective October 1st. MAP-21 offers the options of either a freight broker surety bond or a trust fund to satisfy the $75,000 security requirement. A trust fund agreement is fully funded by the broker or forwarderâs cash with an approved financial institution for the duration of licensing.
On qualifying transactions under this Sub-Section, the exception as to area and boundaries shall be amended to read: Shortages in area {subject to any additional exceptions, or express insurance coverage, deemed appropriate by the Company} provided that the following requirements are satisfied:ach Rule, endorsement or other form, or provision in the Schedules or in an endorsement to the Loan Policy that refers to a term defined in Section 1 of the Conditions of the Loan Policy (T-2) shall be deemed to refer to the term regardless of whether the term is capitalized in the Rule, endorsement or Schedule.
No words may be added to, deleted from or substituted for the language allowed by Section B of this rule. Section B language may not be added by or to any endorsement nor may it be inserted in an Owner's Policy of Title Insurance or a Loan Title Policy Binder on Interim Construction Loan.