Freight Broker Bond season is approaching, and now more than ever, the world relies on truckers. These bonds are often referred to as BMC-84, Freight Broker, or FMCSA (Federal Motor Carrier Safety Administration) bonds. It guarantees that the broker will operate in compliance with the licensing requirements and pay motor carriers and shippers in a reasonable time frame.
Freight brokers are required to maintain a $75,000 surety bond under Title 49, U.S.C. 13904. Because of the risky natural of the obligation, and the unstable nature of the industry, there is often more underwriting than a simple credit check. If you are applying for a Freight Broker Bond, you should be prepared to provide personal and business financial statements, a resume of experience, and Proof of liquid assets.
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