Freight Broker Bond (BMC-84)

NO FINANCIAL STATEMENTS REQUIRED!

Get your free, no obligation quote within 24 hours or less.  Apply for your Freight Broker Bond (BMC-84) online today! We offer Freight Broker Bonds (BMC-84) based on personal credit check of business owners, number of years in business, a completed bond application. Qualificaton may require a personal financial statement, business financial statements or tax returns to process application.

Bad Credit…No Problem!

Do not let bad credit stop you from getting your $75,000 Freight Broker Bond.

Bond911 can help you find approval regardless of low personal credit scores or other financial issues.  We have exclusive underwriting programs established for all credit types and in-house authority to find you the best rate for your bonding needs. 

What is a Freight Broker Bond (BMC-84)?

The Federal Motor Carrier Safety Administration (FMCSA) requires all freight brokers and freight forwarders to file either a Freight Broker Bond (BMC-84) or a trust fund agreement (BMC-85). Freight Broker Bonds (BMC-84) are also known as Freight Bonds, ICC bonds (Interstate Commerce Commission), Truckers bonds and Freight forwarder bonds. Freight Broker and freight forwarders who do not meet the bond requirement can be fined up to $10,000. The bond requirement exists to guarantee that licensed freight brokers and forwarders complete their contracts and agreements and to prevent fraud or failure to pay motor carriers or shippers in a timely manner. If freight brokers or forwarders fail to comply with any terms of the surety bond, parties that suffer damages as a result may file a claim against the bond. If the claim is determined to be valid, the surety company will pay to settle the claim up to the full amount of the bond— $75,000. Once the claim has been resolved, it is the responsibility of the license holder to reimburse the surety the equivalent amount of money.

Should an applicant opt not to obtain a surety bond, another security option is to place the $75,000 into a trust fund by filing Form BMC-85. However, this option requires full collateral up front, so it is typically large brokers with established financial stability that choose this option. Newer freight brokers are encouraged to file a surety bond since it only requires an annual premium (typically 1.2% - 4% of the bond amount), rather than collateral.

How to obtain your Freight Broker License

• For brokers of property: Proof of Insurance Coverage: Surety Bond (Form BMC-84) or Trust Fund Agreement (Form BMC-85) in the amount of $75,000.

• For brokers of household goods: Proof of Insurance Coverage: Surety Bond (Form BMC-84) or Trust Fund Agreement (Form BMC-85) in the amount of $75,000.

• Form BOC-3, Designation of Process Agent Form (brokers may designate themselves as their own process agents in the State in which they are writing contracts)

• Application processing fee: $300 (non-refundable) charged during the application process

• Application processing time: Approximately 4-6 weeks

NO FINANCIAL STATEMENTS REQUIRED!