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What is a BMC-84 Bond?
What is a Freight Broker Bond
BMC-84 vs BMC-85: What is Right For You?
- The BMC-84 bond requires a minimum bond amount of $75,000.
- With a BMC-84 bond, the broker's own assets and credit are involved in covering any claims against the bond.
- The cost of the BMC-84 bond is typically a premium paid to the surety company, and it can vary depending on the broker's financial situation and creditworthiness.
- The BMC-85 bond also requires a minimum bond amount of $75,000.
- With a BMC-85 bond, the broker establishes a trust fund account with the FMCSA, and the assets in this account are used to cover any claims. This bond option doesn't involve the broker's personal assets or credit.
- While there are administrative costs associated with maintaining the trust fund account, there is no premium to be paid to a surety company.
How to Get a Freight Broker Bond
Determine Bond Requirement
First, check whether you are required to have a BMC-84 bond. If you're operating as a freight broker in the United States, it's likely that you'll need this bond. The Federal Motor Carrier Safety Administration (FMCSA) mandates it.
Apply for the Bond
Once you've chosen a surety company, you'll need to complete their application process. This typically involves providing information about your business, your financial history, and other relevant details. The surety company will assess your creditworthiness during this process.
Frequently Asked Questions
FRC Logistics has its BMC-85 with PFA because, like us, PFA cares about their customers. We have had our bond with them for several years and plan on keeping it there. Freight Rate Central specializes in the freight shipping & transportation of all shapes and sizes nationwide. We provide a convenient and easy to use online freight quoting tool that allows you to get instant online freight rates, trucking rates, and a variety of other freight shipping options.
Thank you so very much for your encouraging words! As a very small broker I am relieved that you are optimistic about the future of my business and fortunate that I have PFA as a partner!
You were good enough to help us get our business started in 2004 and we appreciate that very much. I am a very loyal person to those that have helped us. We are with you for the long run.
We have been with PFA for over ten years. During that time we have always found them to be professional and competent. They address our needs in a very timely basis and found them to understand the broker’s situation very clearly. We enjoy working with them very much.
PFA works great with TQL. The company is very fair and impartial in its decisions on disagreements, and the staff is very conscientious and prompt to handle anything that comes up. PFA maintains TQL’s bonding capacity of more than twice the legal requirement.
We have been extremely pleased with PFA’s response to our brokerage needs. You have performed in an outstanding manner during the time in which we have needed to contact you. We are completely happy and have absolutely no intention to change!