Freight Broker Bond in the State of Washington
The Federal Motor Carrier Safety Administration (FMCSA), by Title 49 §13906 of the United States Code, requires individuals who will be registering as freight brokers in Washington to furnish a bond.
A surety bond is needed to ensure that the freight broker will faithfully fulfill all contractual obligations made to his or her clients.
What is the bond amount?
The Freight Broker Bond amount is $75,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or less than 1% of the total bond amount! Find out you need to pay for this bond today! Get your FREE quote here!
What are the bond conditions?
- The bond will ensure financial responsibility and the supplying of transportation subject to the ICC Termination Act of 1995
- The Principal shall comply with the rules and regulations of the Federal Motor Carrier Safety Administration
- The Principal will be held liable for any damages committed during the term of the bond
- The bond should be issued by a surety bond company who is authorized by the Secretary of Treasury such as Surety Bond Authority
- The Bond will be used to pay any claim made against the freight broker from the freight broker’s failure to pay freight charges stated in its contract
- The bond will remain valid until canceled. In case of cancellation, a 30-day notice is required
How do I obtain a Freight Broker Bond?
The first step is to submit an application, which you may easily do so here!
An expert underwriter will start with the prequalification process soon after. The underwriter will check the following:
- Your credit score
- If you have performed your obligations on time in the past
- Your financial capability
- Other valuable information
Once qualified, you will be asked to sign an indemnity agreement. Then we’ll complete the Freight Broker Bond or BMC-84 form for you, and you’re already bonded.
What are the other requirements to be registered as a Freight Broker?
- Completed Motor Property Carrier and Broker Authority application form
- Pay the necessary processing fee of $300 per Operating Authority such as the following:
- United States-based Enterprise Carrier of International Household Goods
- Broker of Household Goods
- Motor Common Carrier of Household Goods
- Broker of Property (except Household Goods)
- Motor Contract Carrier of Household Goods
- Motor Contract Carrier of Property (except Household Goods)
- United States-based Enterprise Carrier of International Cargo (except Household Goods)
- Motor Common Carrier of Property (except Household Goods)
The processing time will be 4-6 weeks.
Once approved, you will get your MC number or Operating Authority.
Get bonded right away HERE!