freight broker bond
A Quick Guide to Freight Broker Bonds
A Freight Broker Bond is a requirement of the Federal Motor Carrier Safety Administration (FCMSA) and must be obtained before a license is issued to the freight broker. The FMCSA is a division of the U.S. Department of Transportation that regulates interstate commerce and imposes safety rules. A freight broker bond is also known as a BMC-84 surety bond, property broker bond, trucking surety bond or transportation broker surety bond.
Freight Broker Bond Costs
For the bond amount, freight broker and freight forwarding companies are often required to purchase a bond for $75,000 in order to guarantee that they will perform their duties in accordance with the regulations that have been set by the shippers and carriers.
Here’s a clear view of the Bond costs depending on Credit Scores:
| Preferred Plus: | |
| 700+ FICO score AND a homeowner. | Annual Cost $1,038. |
| Preferred: | |
| 700+ FICO and NOT homeowner. | Annual Cost $1,795. |
| Standard: | |
| 580-699 FICO. | Annual cost $3,150. |
| Sub-standard: | |
| FICO scores below 580 will be the highest possible rates. | The rates for the student are based on a sliding scale and can go up to as high as 12.5% ($9,375). |
Application Process Made Easy!
Follow the step-by-step instructions below to easily get your Freight Broker Bond.
1. download the application
2. print the application
3. fill out the application
4. email or fax back to us
Email: info@suretyauthority.com
Fax: 877-917-3975
Download the Application Forms Here
Click on the document/s below to download the application form/s. After following the step-by-step instructions stated above, we will give you a quote.
NOTE: This Form is for those students with poor credit (FICO score) who have business partners, parents or friends that have good credit who are willing to co-sign and assume liability.
NOTE: This Form is for those applicants with poor credit (FICO score) that may have business partners, parents or friends that have good credit who are willing to co-sign and assume liability.