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The purpose of a Freight Broker/Freight Forwarder Bond (BMC-84) is to protect shippers and carriers from Brokers’ and Forwarders’ failure to abide by the term of any contracts, agreements, and arrangements made by them and to hold them liable for damages incurred because of the failure to faithfully perform.
The Federal Motor Carrier Safety Administration (FMCSA) manages this program for the U.S. Department of Transportation and has established the rules, regulations, and procedures to be followed, including the posting of the bond. Applicants must register per U.S. Code 49 Section 13904 and be licensed by the U.S. Department of Transportation. As part of the licensing process, the bond must be filed per U.S. Code Title 49 Section 13906. The Obligee on the bond reads as the United States of America.
The Freight Forwarder/Broker Bond term begins on the effective date and remains in effect until canceled. The cost is billed and payable annually. The broker and the surety both have the ability to cancel the bond by sending a 30-day notice to the FMCSA.
Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has handled numerous bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will contact you.
What you will need to submit to obtain your license:
Certain types, including Forwarders, will require minimum insurance coverage:
Liability insurance: BMC-91 or BMC-91x
Cargo Insurance if you are a household goods freight forwarder: BMC 34 or BMC-83
|License||Freight Broker Surety Bond/Freight Forwarder Surety Bond (BMC-84 Bond)||U.S. Department of Transportation, Federal Motor Carrier Safety Administration