New York Property Broker or Freight Forwarder Bond
What is a New York Property Broker or Freight Forwarder Bond?
It is a monetary security that will be used for the protection of motor carriers and shippers. This bond will ensure that the property broker or freight forwarder will carry out all contractual obligations with the motor carriers and shippers.
This bond will also ensure that the property broker or freight forwarder will faithfully comply with the conditions that pertains to the supply of transportation subject to the ICC Termination Act of 1995 which is under the license issued to the Principal by the Federal Motor Carrier Safety Administration.
This bond must be filed with the Federal Motor Carrier Safety Administration before the property broker or freight forwarder can perform its duties.
This requirement is in pursuance to Title 49 Section 13904 of the U.S. Code.
How much does a New York Property Broker or Freight Forwarder Bond cost?
The cost of obtaining this bond will depend on the property broker or freight forwarder’s credit score. Those who have excellent credit scores will be eligible to pay as little as 1% of the bond amount.
The bond amount is $75,000.
Check out what you need to pay by getting your FREE SURETY BOND PREMIUM QUOTE HERE!
How can I get a New York Property Broker or Freight Forwarder Bond?
Just follow these simply steps:
- The first step is to APPLY FOR THIS BOND HERE.Your application will immediately be processed once we have received it. We will contact you if we need further information or if you need to submit documents needed for the prequalification process.
- Our underwriter will check the documents you have submitted during the prequalification process in order to assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
Our expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Sign the indemnity agreement. Your surety bond will be issued and sent to you after the indemnity agreement is signed.
How does a New York Property Broker or Freight Forwarder Bond work?
This bond will serve as an enforceable agreement among three parties, namely:
Principal – property broker or freight forwarder
Obligee – United States of America
Surety – surety bond provider
This bond is a federal requirement. It is not an insurance. It is an indemnity product. As such, the Principal will reimburse the Surety if the latter settles a claim on behalf of the Principal.
This bond guarantees, first and foremost, the fulfillment of the Principal’s obligations. If the obligations are not met, the Obligee will be eligible to file a claim against this bond. The Surety will verify the validity of the claim first. If it’s valid, the Surety will settle the claim.
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