All freight brokers who wish to have their license renewed for the new year must post a $75,000 freight broker bond, as opposed to the $10,000 bond that has been required since the 1970s.
The new legislation requiring the increased bond amount includes a 60-day grace period that ends on December 1, 2013. However, it’s best to get all of your paperwork and information submitted by November 25 for two reasons:
1. It could take a few days to gather all of the required documents — including signed indemnity agreements from freight brokers — to obtain the bond and file with the FMCSA.
2. The grace period (12/1) ends three days after Thanksgiving (11/28), and the holiday could negatively impact turnaround times.
Getting your paperwork and information in by November 25 can guarantee that you’ll get your freight broker bond filed and that your coverage will be in effect by the December 1 deadline.
If you’re in need of a surety bond in any state, contact SuretyBonds.com online at any time or call us at 1-800-308-4358 Monday through Friday, 7 a.m. to 7.p.m CST. You’ll be connected with one of the SuretyBonds.com surety experts who will make sure you get the bond coverage you need.