Get A Quote - Freight Broker Bond
Frequently Asked Questions
BMC-84 Freight Broker Bond Requirement
One of the requirements to get your freight broker authority from the FMCSA is to get a $75,000 freight broker bond.
What is a bond?
A surety bond is a contract between three parties—the principal (you), the surety (the company issuing the bond) and the obligee (the entity requiring the bond - in our case the FMCSA)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.
Claims against your bond
If a trucker or shipper makes a claim against your bond you are expected to take care of the claim. If you do not, the surety will investigate the claim. If it's not a valid claim they will deny it. That is why it's important to pick a surety company that knows how to investigate claims and deny them if they are without merit. If its a valid claim they will pay it and then seek reimbursement from you.
What does a freight broker bond cost?
Pricing for a freight broker bond is based on your credit. The better your credit score, the lower the rate. If you have bad credit we can still get you approved, but pricing will be more expensive. Rough pricing ranges from $750 - $2,000 per year. Newer companies or companies with less than great credit can range all the way up to $7,500 per year.
We make it easy to get your freight broker bond:
- We specialize in insurance and bonds for the transportation industry.
- We represent multiple companies to get you the most bang for your buck.
- We provide expert advice to make sure you are covered the right way.
- Your bond is filed electronically with the FMCSA so everything is done fast and efficiently.
Please refer to the actual policy and/or endorsements for terms, conditions, coverage’s, limitations, exclusions and premium.
916-572-9815 CA License # 0H08143