ICC BMC-84 Freight Broker Surety Bond
Freight brokers and freight forwarders in the U.S. are required by the Federal Motor Carrier Safety Administration (FMCSA) to provide a $75,000 freight broker surety bond. Obtaining the bond is part of the steps to getting a freight broker license. The freight broker bond is also known as BMC-84 bond, ICC broker bond, or FMCSA broker bond.
Surety Bond Cost
The FMCSA secretary of the Treasury requires this bond to protect shippers and motor carriers from brokers and freight forwarders who fall short of their contractual obligations, such as conducting fraud or failing to pay trucking companies on time. The premium is set by the FMCSA authorized Surety or insurance company. Rates as low as 1.25% (Usually 3% - 5%)
Surety Bond Coverage
The ICC BMC-84 Freight Broker Bond bond covers any claims that have been made against the freight broker, for up to the $75,000 bond amount.