Freight Broker Industry Surety Bonds

Freight Broker Industry Surety Bonds 2018-10-13T22:35:48+00:00

In the United States, Freight Broker Surety Bonds are required by the Federal Motor Carrier Safety Administration (FMCSA) to move property such as household goods or freight and motor cargo (vehicles). Their role is to guarantee that freight brokers and auto transport brokers will operate according to their agreements with shippers and motor carriers. If a freight broker or auto transport broker does not comply with their contract, the carrier or the shipper may file a claim.

The three parties to the agreement are:

Principal: the freight broker / auto transport broker

Obligee: the party requiring the bond (FMCSA)

Surety: the surety company

A freight broker bond is also known as a BMC-84 surety bond, trucking surety bond, transportation broker surety bond, or property broker bond. FMCSA uses the term “property broker” instead of freight broker.

This first freight broker bond requirement took into effect in the year 1930. In the 1970’s the bond amount was increased to $10,000 and wasn’t changed until June 29, 2012 when the Congress passed the Moving Ahead for Progress in the 21st Century Act (MAP-21). The freight broker bond increase from $10,000 to $75,000 took effect on October 1, 2013. In order to get or renew their license, freight brokers and freight forwarders in the United States must get a freight broker bond.

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Freight Broker Industry Surety Bond Applications

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