Service Overview
Freight Broker Bonds (BMC-84) are surety bonds required by the Federal Motor Carrier Safety Administration (FMCSA) for businesses operating as transportation brokers in the United States. Freight brokers must file this surety bond before receiving a license.
The current required bond amount is $75,000.
FMCSA Bond Requirement
To issue a freight broker license, the FMCSA requires freight brokers and freight forwarders to file either:
- a surety bond (BMC-84), or
- a trust fund agreement (BMC-85).
This requirement helps ensure licensed brokers and forwarders meet industry standards and helps protect against fraud or failure to pay motor carriers or shippers in a timely manner.
Claims and Bond Responsibility
If a freight broker or forwarder fails to comply with bond terms, parties that suffer damages may file a claim against the bond.
If a claim is determined to be valid, the surety company may pay the claim up to the full bond amount. After that, the surety seeks repayment from the Principal according to the indemnity agreement signed before the bond is issued.
Other Names for Freight Broker Bonds
Freight Broker Bonds are also commonly called:
- Interstate Commerce Commission (ICC) Bonds
- Transportation Broker Bonds
- Property Broker Bonds
Additional Support
A Better Surety can also help quote your trucking insurance needs.