Freight Broker Bond

Annual premium for the $75,000 BMC-84 Bond currently range between $1,300 and $9,000. If this sounds too much for you, Lance Surety Bonds also offers exclusive payment plans. To get a free quote and to learn more about possible payment plans, fill out the online application form or call one of our surety bond experts at (877)-514-5146.

Freight Broker Bond rates are typically determined based on owner personal credit and time in business. A company’s financial strength can also be taken into consideration. To get an exact quote for your Freight Broker Bond, you need to fill out the online application form. The application is free, with no obligations and you will get an exact quote for your bond in minutes!

Freight Broker Bonds (BMC-84) are necessary for operation as a transportation broker in the United States, and are regulated by the Federal Motor Carrier Safety Administration (FMCSA). The bond demonstrates financial responsibility of a broker, guaranteeing payment to motor carriers and shippers if a broker fails to comply with its contracts and agreements.

With the signing of the MAP-21 bill, property brokers and freight forwarders have been required to post a $75,000 bond since Oct 1, 2013, which is a significant increase from the previous $10,000 bond. Brokers that do not comply with the new bond requirement may have their broker authority revoked by the FMCSA.

First, you need to apply for your Freight Broker BMC-84 Bond. After the application is approved, your agent will let you know how much your bond premium costs and will give you an agreement with a bonding company. Once you pay your premium and sign the agreement, you will receive your bond.

Freight Broker Bonds are electronically filed with the FMCSA, so you don’t have to worry about additional paperwork. Once the FMCSA approves your bond, you will be provided with the electronic filing confirmation, and within 24 hours will be able to view your active bond coverage on the FMCSA website.

Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety Bonds has a specialty program that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile.

At this time, our bond approvals for BMC-84 Bonds do not require collateral. With our exclusive bad credit programs, we are able to offer quotes to freight brokers with just an annual premium requirement.

No. You can apply for this bond before being assigned an MC Number. However, the surety company will need an active MC Number in order to properly file your bond with the FMCSA.

The length of time from application to issuance varies depending on the type of bond, promptness of premium payment and other factors. Most bonds are approved instantly upon completing our online application, and are generally issued one to two days after receipt of payment and a signed copy of the agreement.

Yes, a higher credit score can certainly help to lower your renewal rate. However, a better score does not guarantee a lower rate. In addition to FICO score, renewal premiums will also depend on collections and public records on your credit report, and updated surety underwriting guidelines for your specific bond type.

Since early 2012, the FMCSA has required all Brokers of Household Goods to post a $25,000 BMC-84 Bond. Brokers that arrange the transportation of household goods in interstate or foreign commerce must furnish a new bond or arrange to have their current BMC-84 Bond increased. More specific information can be obtained from the FMCSA website.

Yes! To learn more about our payment options, fill out our online application form or get in touch with one of our Freight Broker Bond specialists at (877)-514-5146