1. Expedite Expo The Expedite Expo 2017 is coming this July 14 - 15 to Lexington, Kentucky exclusively for those in the expedite trucking industry. The ONLY exclusively expediting trade show has a new format and will be more focused than ever before. New exhibits, trucks, demonstrations, networking sessions, educational workshops and the Expediter of the Year event will ensure that your time spent will make you a better driver. Don’t miss this once a year event! July 14 - 15, 2017 at the Lexington Center. REGISTER NOW!
    Dismiss Notice

It's a Team's Life What is this Escrow you speak of ?

Discussion in 'Expediter Blogs' started by chillout, Jun 14, 2017.

  1. chillout

    chillout Administrator Staff Member On Time Media Staff

    Feb 26, 2001
    Trophy Points:
    +379 / 0 / -0
    '95 Integra
    Anyone who has rented an apartment surely paid a security deposit to cover damages. Escrow in our industry works basically the same. It is money held in the event it is needed to cover freight damage, vehicle damage, property damage or failure to return company owned equipment such as Omnitracs, load bars and straps.

    Another example is company’s trucks requiring a pet deposit. When the truck is returned and there is no damage the deposit is returned usually without any interest. Money being held by a third party until certain conditions are met are very common.

    Personally, I wish our Escrow was a little higher as it is not enough to cover what we could be charged if in the worst-case scenario our truck was totaled while under a load. When all of the chips are down, getting hit with an astronomical bill to cover freight damage, OmniTracs damage, as well as no truck would be worse than a kick in the stomach.


Share This Page