What is an Idaho Freight Broker Bond?
For several reasons, freight brokers have been benefitting from the swelled revenues in the preceding years. The continuing economic resurgence has brought an increase in demand for trucking services. This development is expected to persist for several more years and by what was indicated in a report from the American Trucking Association, there are projections that by 2022, overall income in the trucking business will escalate by 66%, while tonnage will witness a 24% overall growth.
These positive indicators of a flourishing industry can be fully augmented if all of its businesses will take the effort to acquire the much-needed warranty that could put everyone’s mind at ease, the Freight Broker Bond.
The Idaho Freight Broker Bond is a patent manifestation of financial capability and a categorical assertion to meet responsibilities and potential claims. It is likewise an assurance that in the conduct of one’s business, the values of reasonable, judicious, and ethical freight forwarding and brokering methods are strictly and thoroughly practiced.
The bond likewise serves as a warranty to clients and partners that the freight brokering company is suitably licensed by the Federal Motor Carrier Safety Administration. The Freight Broker Bond is also a strong indicator that actions and transactions performed to conform with Idaho’s laws and all other related regulations of freight brokering.
Why do you need an Idaho Freight Broker Bond?
You need the Idaho Freight Broker Bond because you want to stay in the industry for good. As the bond will add status to your name, your company will be known as a trustworthy freight broker organization in Idaho. Most importantly, a freight broker bond will assure you of the peace of mind you need knowing fully well that if someone in your employ commits any unethical act, the aggrieved client can demand damages without harming company investments.
More details about the Idaho Freight Broker Bond
Before getting bonded, freight brokers engaged in interstate business must apply for a broker authority from the Federal Motor Carrier Safety Administration using the Unified Registration System. You need to comply with the $300 application processing fee and wait for 4 to 6 weeks for processing.
Once bonded, your proof of surety must be filed using Form BMC 84. On the other hand, proofs of an existing trust fund with a financial institution must likewise be filed using Form BMC 85.
How much does a Freight Broker Bond cost?
The Idaho Freight Broker Bond amount has been placed at $75,000 effective 2013. The bond premium rests on your previous financials and credit standing. It can also be impinged by past business performance, personal profile, standing within the business community, most especially in the surety bond industry. Being convicted of a crime, even if it happened decades ago, also matters in the determination of how much you should pay.
How do I get an Idaho Freight Broker Bond?
Acquiring an Idaho Freight Broker Bond is effortless. Get in touch with genuine professionals and give them a call now! With licensed surety bond practitioners taking care of your business, nothing can ever go wrong!