The Federal Motor Carrier Safety Administration (FMCSA) requires $75,000 freight broker surety bonds before freight broker licenses can be obtained.
Freight broker bonds come in various types. Determine which might be right for you by examining our guide to freight broker BMC 85 bond and BMC 84 bonds. Freight broker bonds can also be referred to as ICC broker bonds.
How to get a freight broker surety bond
Freight brokers can submit a freight broker bond application online 24/7 or call 1(800)308-4358 to speak with a surety expert about their bond needs. These bonds are subject to underwriting consideration, with their price starting at $938.
These bonds are considered high-risk because so many claims are made against surety companies for this type of bond. This could mean underwriters have stricter qualifications for applicants or may need to write these bonds less freely than other bond types. Because there is no guarantee an applicant will be approved for a bond, the best way to determine whether you can obtain this bond is to submit a free online bond application.
Freight Broker Legislation
$75,000 freight broker bonds are required to help curb scamming and other fraudulent activity present in the freight brokering industry. Freight broker surety provisions can be found in the Public Law 112-141, commonly known as Map-21, which outlines Federal-aid Highways and Highway Safety Construction Programs, including the freight industry. These provisions include:
Freight forwarders are required to obtain surety bonds, as well as brokers
Surety providers will need to inform the U.S. Department of Transportation of any surety cancellation
If a broker or forwarder should fail, surety providers have to publicly advertise for claims for the 60 days that follow the notification of failure or surety cancellation
You can learn more about freight broker bonds and industry guidelines by visiting the SuretyBonds.com guide to freight broker bonds. You can contact the FMCSA with any questions online or by mail at 1200 New Jersey Avenue SE, Washington, DC 20590.