![Freight Broker Bonds (BMC-84 Bonds)](https://www.suretybondprofessionals.com/wp-content/uploads/2019/12/business-1845350_1280-1.jpg)
Freight Broker Bonds (BMC-84 Bonds)
Freight Broker Bonds (BMC-84 Bonds) Learn more about BMC-84 bonds below, and contact Surety Bond Professionals today to request a quote. Our experienced surety agents are ready to help you get the bonds you need. What Are They? The Federal Motor Carrier Safety Administration (FMCSA), which is an agency of the U.S. Department of Transportation, requires freight brokers and forwarders to put up $75,000 in funds to provide financial protection for shippers and carriers. This provides funds to pay shippers’ or carriers’ claims who are owed money from a freight broker or freight forwarder. This requirement can be met by either: Purchasing a $75,000 surety bond, known as a BMC-84 bond Putting up cash or line of credit (LOC)—or some combination of cash and LOC Because purchasing a BMC-84 bond is part of the process of obtaining an operating license, it’s categorized as a license and permit bond. Who Needs Them? Any freight broker or forwarder seeking a license to operate within the United States must purchase a BMC-84 bond or put up $75,000 in cash and/or an LOC. Many brokers and forwarders choose to purchase a bond rather than tie up their cash or credit and pay a...
Read more