Get a BMC-84 Bond – ICC Broker Bond Instantly!
What is a freight broker bond?
A freight broker bond is a foundational ingredient required to operate your freight business in a legitimate order. It stands as an option to provide assurance to your clients, while also ensuring that you meet the necessary requirements of freight brokerage to protect motor carriers and shippers in accordance with the FMCSA rules and regulations. This notice is for all applicants desiring to step into the business! The typical claim is made when a motor carrier is not paid, and these claims are generally handled by companies such as ours that specialize in BMC-85 type bonds.
To get your freight broker bond now, just click on the Instant Quote image. From there, choose your state and then the type of bond you need.
$75,000 Freight Broker Bond (BMC-84)
The process to receive a Freight Broker Bond (BMC-84) is fairly straightforward. You as an applicant just need to use our application and we'll work to get you a bond at the best possible premium rate. Pretty easy, right? See our PODS Freight Broker Bond page for more info.
Freight Broker Bond Process
The process to receive a Freight Broker Bond (BMC-84) is fairly straightforward. You apply using our application and we'll work to get you a bond at the best possible price. Pretty easy, right? See our PODS Freight Broker Bond page for more info.
How Freight Broker Surety Bonds Work (our really short Freight Brokers Bond Guide)
The cost of the bond depends on several factors. First, the surety will want to understand your business, as more experienced businesses typically have better processes in place to reduce risk, which lowers the bond cost. Lower risk companies often secure better rates on their insurance premiums.Second, the surety will seek approval regarding the financial health of your business from an authority figure, perhaps a contract overseer or a financial analyst. They will also be interested in the personal credit history and financial strength of the owner. Given that the standard BMC-84 (Freight Broker Surety Bond) is offered without collateral, the surety is probing for financial stability and experience from the company and ownership. This is to ensure protection and coverage against potential liability. Security is paramount to the surety as it wants to be certain that they can aptly guarantee your trucking business to issue a trucking surety bond (or transportation broker surety bond).
- The Principal – the freight forwarder / freight broker
- The Surety – the company that is guaranteeing the behavior/payment on behalf of the freight broker
- The Obligee – this is the party that is demanding the bond. In this case, the Obligee is the FMCSA
How much does a Freight Broker Bond Cost?
How Much Will a $75K Bond Cost Me?
The cost of the bond is determined by the conjunction of good credit and experience, generally ranging from <2% to 13%. This rate, though, can fluctuate depending on several factors including the degree of liability coverage and protection measures in place. Seeking contract approval from authorities could also play a role.
Take the next step and apply for a Federal Motor Carrier Safety Bond (BMC-84) using our form, above. Not only will we assess your application for accuracy, but we'll also expedite the approval process ensuring timely shipping of your bond. We will review and process your freight broker bonds application, providing compensation for our drivers' efforts promptly.
The cost of the bond is based on a combination of good credit and experience and ranges from <2% to 13%.
| Good Credit and Experience | Lack of Experience à Bad Credit | ||||||||
| $937.50 | $2,250 | $3,000 | $3,750 | $4,500 | $5,250 | $6,000 | $6,750 | $7,500 | $8,250 |
| 1.25% | 3% | 4% | 5% | 6% | 7% | 8% | 9% | 10% | 11% |
How do I apply for a Freight Broker Bond?
Apply for a Federal Motor Carrier Safety Bond (BMC-84) using our form, above. We will review and process this promptly.
Reduce Your Freight Broker Surety Bond Cost
See our License and Permit Bond page for more on benefits and compensation plans for your drivers. Learn the basics and beyond about acquiring approval for your bonds.
- Increase your personal credit score (pay bills timely, remove negative scores)
- Provide strong business statements and financials
- Build up your cash position
- Work with us
See our License and Permit Bond page for more.
Click here for more on bonds.
