Freight Broker (ICC / BMC-84) Bond
All transportation brokers in the United States must obtain an ICC Broker Surety Bond. This bond guarantees payment to shippers and motor carriers in the event your company fails to carry out its contracts and is required by the Federal Motor Carrier Safety Administration. This bond is also called BMC 84, Freight Broker Surety Bond, and Property Broker Surety Bond.
Legislation was signed into law in July, 2012 that raises the bond penalty from $10,000 to $75,000. This new bond penalty will go into effect in October of 2013.
A Freight Broker Surety Bond is often difficult to obtain because it requires a credit score of 700 or higher as well as a minimum of 3 years of experience as a transportation broker. Due to the new penalty of $75,000, the Surety will also need:
- your last year-end financial statement for your business
- current personal financial statements for all owners of the business
- an adjusted net worth of at least $750,000 (business and personal combined)
- adequate working capital
- clean credit
To obtain this bond, proof of United States citizenship will be required at the time of purchase.
Our Free 24 Hour Quote Procedure
How to cut down the approval process and keep your cost low:
1. Our applications are all that's usually needed to get you a price.
2. Occasionally, more information is needed. If so, we will contact you within 24 hours.
3. If you have credit issues, approvals might need an additional day.
4. We never require an application fee. All quotes are 100% free.
5. Bond approvals, like loans, are based on personal credit, financial strength of the owner, bond amount and type of bond. The more information you provide, the better chance you have of getting the lowest available price and a faster approval.
Complete our fast and easy online application by clicking the link below. Most will receive a free quote within 24 hours.Click Here For The Fast & Easy Online Application