Per the Federal Motor Carrier Safety Administration (FMCSA), “Companies that operate commercial vehicles transporting passengers or hauling cargo in interstate commerce must be registered with the FMCSA and must have a USDOT Number.” The FMCSA also states, “In addition to filing an application for operating authority, all applicants for motor carrier, freight forwarder, and broker authorities must have specific insurance and legal process agent documents on file before the FMCSA will issue the authorities.” ()
For Freight Forwarders and Brokers of Freight, the FMCSA requires a financial security in the amount of $75,000.00. This requirement can be met with the BMC-84 Surety Bond or the BMC-85 Trust Fund Agreement. This type of bond is also commonly referred to as an ICC Broker Bond as the Interstate Commerce Commission (ICC) was the previous regulating federal agency. The bond is required on a Federal level and is meant to protect the consumers of the bonded company and ensure compliance with the regulations of the FMCSA.
When the FMCSA increased the bond requirement from $10,000.00 to $75,000.00 in October of 2013, many insurance companies opted to stop writing the class of bond or requiring detailed financial reports from brokers before offering approval. Worldwide Insurance Specialists was there then to keep brokers operating and offering creative solutions at competitive rates. The same is true today, as Worldwide has the LOWEST RATES IN THE NATION on the BMC-84 Broker Bonds!
Worldwide Insurance is now offering the following rates based SOLELY ON CREDIT AND EXPERIENCE. We have the lowest rates in the country for Good credit or Bad Credit.
To consider this bond all we need is a Commercial Bond Application completed along with a statement of experience. If the applicant does not fit into the parameters of the above tiers, we are here to provide solutions to offer the best available rate. For example, a simple business and/or personal financial statement or a co-signer with strong credit may be used as tools to offer approval in a lower tier. We also have options with higher rates to provide approval to brokers of any size or credit score. Our markets are T-Listed and meet all of the requirements of the FMCSA.
Please contact one of our knowledgeable Bond Specialists to discuss these rates further! Call us at 1-888-518-8011 or apply online today!